HONG KONG -- Chinese companies are slashing their online advertising as COVID-19 shutdowns hit consumer spending while a slowing economy dents hopes for a quick recovery.
China tech
Chinese companies slash advertising as COVID slowdown bites
Internet groups Tencent and Baidu rule out quick recovery in ad budgets
Tencent, operator of China's popular WeChat app, says its online advertising business fell 18% to 18 billion yuan ($2.7 billion) in the first quarter. (Screenshot from Tencent's website)
Read Next
Latest on China tech
