HONG KONG/GUANGZHOU -- China's leading social media and gaming company, Tencent Holdings, reported worse-than-expected revenue growth for the April-June quarter partly on the rise of ByteDance, the world's most valuable startup, whose viral short-video app TikTok gobbled up a sizable chunk of online advertising.
In its earnings filed Wednesday, Tencent said net profit grew 35% on the year to 24.1 billion yuan ($3.4 billion), beating the average forecast of 20.7 billion yuan. The slowdown in online ads, however, cast a cloud on the company's strategy going forward.
