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Media & Entertainment

Tencent revenues fail to grow for first time since 2004 IPO

President says it will take time for tech sector to benefit from Beijing's support

Analysts had expected quarterly revenues for the social media and gaming company to grow about 4% from a year earlier.    © Reuters

HONG KONG -- Tencent Holdings' quarterly revenues have failed to grow for the first time since the company's 2004 initial public offering.

China's most valuable company by market capitalization, Tencent saw its revenue slow dramatically about a year ago as Beijing regulators tightened their grip on gaming and other sectors that had advertised heavily on company platforms, such as online tutoring. Weakening Chinese economic momentum has been another headwind.

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