Tencent profits jump nearly 30% as China continues historic tech crackdown

Tencent reported a 29% rise in second-quarter profit, even as Beijing expands its scrutiny of the private sector.

© Qilai Shen/Bloomberg/Getty Images Signage for Tencent Technologies Inc. outside one of the company’s office buildings in Shanghai, China, on Monday, Aug. 16, 2021. Tencent is scheduled to report earnings on Aug. 18 amid sustained criticism from state media over online games. Photographer: Qilai Shen/Bloomberg via Getty Images

The Chinese gaming and social media giant said Wednesday that revenue jumped 20% to 138.3 billion yuan ($21.3 billion) for the three months ended June, compared to the same period last year, while profit rose to 42.6 billion yuan ($6.6 billion).

Tencent reported results as the company and other Chinese tech firms are being rattled by Beijing’s historic crackdown on the sector.

Tencent alone has lost more than $400 billion in market value after regulators bombarded the sector with penalties, new rules and orders to overhaul parts of their business.

The internet giant has so far escaped the harshest scrutiny faced by peers like Alibaba, which this spring was slapped with a record $2.8 billion fine after regulators concluded that it had behaved like a monopoly.

But Tencent has still faced challenges. Last month, its market value plummeted after it was ordered to scrap its plan to acquire a music streaming player, China Music Corporation. Regulators cited competition concerns, noting that the Shenzhen-based tech giant has long been a market leader.

Tencent also briefly suspended new user registration for its popular messaging app WeChat in July in order to upgrade its security technology “according to relevant laws and regulations” — a decision that came in the middle of other regulatory scrutiny.

And the company announced new limits on the amount of time minors can spend playing the company’s online games earlier this month.

That statement came after a business newspaper owned by Xinhua News Agency — China’s official news outlet — published a lengthy analysis that used terms such as “opium” and “electronic drug” to describe the harmful effects of gaming on children. The article mentioned Tencent’s popular video game “Honor of Kings” as one of the games to which young people are addicted.

Tencent’s sell-off even continued earlier this week, when it and other tech giants lost more than $50 billion in market value collectively after the government proposed sweeping new rules to further curb anti-competitive behavior among big internet firms.

Internet Explorer Channel Network
News Related

OTHER NEWS

Rangers' Alexis Lafreniére scores game-winning goal against hometown Canadiens

After a season spent in the United States, Alexis Lafreniére made his return to Canada a good one. Playing for the first time in his hometown of Montreal, the Quebec ... Read more »

Blackhawks pull Fleury after allowing four goals in first period vs. Penguins

Marc-Andre Fleury‘s latest return to Pittsburgh didn’t last too long as the former Penguins goalie was pulled 11 minutes into the first period. © Provided by Sportsnet fleury-penguins Fleury allowed ... Read more »

Perron scores 2 goals, Blues hold on to beat Avs, 5-3

DENVER (AP) — David Perron scored two goals, Jordan Binnington stopped 29 shots and the St. Louis Blues held on for a 5-3 win over the Colorado Avalanche in their ... Read more »

'Pretty surreal': Leafs forced to dress U of T goalie as backup against Sens

TORONTO — Alex Bishop lived out his dream. © Provided by The Canadian Press The Maple Leafs exhaled knowing the University of Toronto goalie didn’t have to move from the ... Read more »

Taylor's blunder, other missed chances put LA in NLCS hole

ATLANTA (AP) — Chris Taylor hurried around second base before having second thoughts. He peaked over his shoulder, then hit the brakes. © Provided by The Canadian Press The Los ... Read more »

Alex Bishop and his Wild, Unprecedented Night

Alex Bishop has a mid-term on Tuesday. And another one Thursday, too. Such is life as an emergency backup. In one fell swoop, Bishop went from being a university student ... Read more »

Depth scoring leads the way as Maple Leafs down Senators 3-1

TORONTO — The Toronto Maple Leafs have turned to Auston Matthews, Mitch Marner and John Tavares for much of their offence in recent years. With the former still working back ... Read more »

Riley's game-winning single in 9th lifts Braves past Dodgers

ATLANTA (AP) — Austin Riley homered and drove in the winning run with a single in the bottom of the ninth inning to give the Atlanta Braves a 3-2 victory ... Read more »

T20 World Cup Form Guide: Who's Hot And Who's Not

All the teams directly seeded into the main round of the ICC T20 World Cup – barring Pakistan – had some players from their squads participating in the Indian Premier League.  ... Read more »

Michael Graves tweets threats at MMA reporter, former promotion issues statement

(WARNING: Post contains homophobic slurs, ableist slurs, and public threats of violence) Michael Graves Titan Fighting Championships has issued a response in regards to a controversy concerning one of its ... Read more »

Maple Leafs sign University of Toronto goalie Alex Bishop as backup vs. Senators

TORONTO – These are the dangers of walking the salary cap tightrope. © CANADIAN PRESS/Christopher Katsarov Kyle Dubas Alex Bishop, a University of Toronto student, will back up the Toronto ... Read more »

Marchand scores 2 for Bruins in 3-1 win over Stars

BOSTON (AP) — Brad Marchand scored twice, Jake DeBrusk broke a tie early in the third period and the Boston Bruins opened the season with a 3-1 win over the ... Read more »

Flames vs. Oilers: Live score, updates, highlights from first Battle of Alberta in 2021-22

Every time the boys from Alberta met over the course of the 2021 season, there was one noticeable thing missing: the fans. It has been 623 days since the Flames ... Read more »

Penguins score 4 in 1st, beat Blackhawks 5-2 in home opener

PITTSBURGH (AP) — The Pittsburgh Penguins are doing just fine so far without injured stars Sidney Crosby and Evgeni Malkin. © Provided by The Canadian Press Drew O’Connor scored his ... Read more »

NFL Week 6 player props to watch: Value could be found in WRs

We head into Week 6 with more data points and a better sense on where some teams have struggled to stop certain positions. Let’s hope some of those trends continue ... Read more »

Stamkos scores in OT, Lightning come back to beat Capitals

WASHINGTON (AP) — This was more like it for the Tampa Bay Lightning. © Provided by The Canadian Press They needed to stage another comeback, but this time the two-time ... Read more »

Patrick Laine scores in OT, Blue Jackets beat Kraken 2-1

COLUMBUS, Ohio (AP) — Patrick Laine scored at 2:16 of overtime to give the Columbus Blue Jackets a 2-1, come-from-behind win over the expansion Seattle Kraken on Saturday night. © ... Read more »

Bo Levi Mitchell, surging Calgary Stampeders trounce beleaguered B.C. Lions 39-10

VANCOUVER — Bo Levi Mitchell and the Calgary Stampeders continued their surge up the CFL standings Saturday with a dominant 39-10 win over the B.C. Lions. © Provided by The ... Read more »

Cricket-Australia's poor form will mean little at World Cup - Starc

SYDNEY (Reuters) – Paceman Mitchell Starc has warned Australia’s rivals not to read too much into the team’s recent poor form, saying the squad now assembled in the United Arab ... Read more »

Quick Shifts: Too early to panic about Maple Leafs goalie situation?

A quick mix of the things we gleaned from the week of hockey, serious and less so, and rolling four lines deep. New rule: If you score the OT winner ... Read more »

Rangers vs. Canadiens: Rangers Fight Back Against Montreal and Pickup First Win

The New York Rangers are officially in the win column for the 2021-22 season as they picked up a gritty 3-1 win over the Montreal Canadiens. Chris Kreider picked up ... Read more »

UFC Vegas 40 Bonuses! Miller Banks $50K In Record-Setting Outing

Norma Dumont completely outclassed Aspen Ladd to earn a unanimous decision last night (Sat., Oct. 16, 2021) at UFC Vegas 40 live on ESPN+ from inside UFC Apex in Las ... Read more »

Norma Dumont vs. Aspen Ladd full fight video highlights

Watch Norma Dumont vs. Aspen Ladd full fight video highlights from their strawweight main-event showdown at UFC Vegas 40, courtesy of the UFC and other outlets. © Photo by Chris ... Read more »

Greiss makes 40 saves as Red Wings beat Canucks 3-1

DETROIT (AP) — Thomas Greiss made 40 saves to assure the lead the Detroit Red Wings took early in the second period stood up in a 3-1 victory over the ... Read more »

Toronto FC eliminated from MLS playoff contention in ill-tempered loss to Atlanta

Toronto FC was officially eliminated from MLS playoff contention in an ill-tempered 2-0 loss to Atlanta United on Saturday night. © Provided by The Canadian Press Brazilian forward Luiz Araujo ... Read more »

Blondin, Howe victorious in 1,500m races at Canadian speed skating trials

© Peter Dejong/The Associated Press Canada’s Ivanie Blondin, shown in this file photo competing in the final of World Cup speedskating in 2020, won the 1,500-metre title at the Canadian ... Read more »

Union calls deal to avert strike 'a Hollywood ending' as negotiations continue for workers in other parts of country

A threatened strike on major TV and film production was averted Saturday night, just hours before a midnight deadline. © Chris Pizzello/AP A man enters the union offices of The ... Read more »

Norma Dumont jabs her way to victory against Aspen Ladd in lackluster UFC Vegas 40 main event

© Photo by Chris Unger/Zuffa LLC Norma Dumont did just enough to win her first main event at UFC Vegas 40 while picking up a unanimous decision over Aspen Ladd. ... Read more »

'Watch out for Leo Boivin': Remembering a Hockey Star

They just don’t make defensemen like Leo Boivin anymore: hip checking masterminds ready to punish the game’s top players. The world lost Boivin at the age of 89 on Saturday. ... Read more »

Stars defenseman John Klingberg looking for long-term extension

The focus right now might be on Adam Fox as the next defenseman to sign a massive contract, but he’s certainly not the only one. Dallas Stars defenseman John Klingberg ... Read more »

Buffalo downs Ohio on untimed down following penalty on missed FG

This one defines painful losses. © Provided by Touchdown Wire The Buffalo Bulls overcame a 21-0 deficit and defeated the Ohio Bobcats 27-26 in MAC play Saturday. The Bobcats appeared ... Read more »

Highlights! Dumont Freezes Ladd, Cruises To Victory

Norma Dumont shut down Aspen Ladd last night (Sat., Oct. 16, 2021) at UFC Vegas 40 live on ESPN+ from inside UFC Apex in Las Vegas, Nevada, to claim a ... Read more »

SNOOZER! Dumont Decisions Ladd In Awful Main Event

Aspen Ladd and Norma Dumont faced off in a Featherweight clash tonight (Sat., Oct. 16, 2021) at UFC Vegas 40 from UFC Apex in Las Vegas, Nevada. It wasn’t pretty, ... Read more »

Panthers 5, Islanders 1: Well that wasn't very fun

Can we go back to the playoffs? Those were more fun. In two games this season, against foes we haven’t seen since the 2019-20 season, the Islanders have given up ... Read more »

LIVE! Watch UFC Vegas 40 Post-Fight Presser Here!

© Photo by Chris Unger/Zuffa LLC/Zuffa LLC via Getty Images As soon as UFC Vegas 40 wraps up tonight (Sat., Oct. 16, 2021) live on ESPN+ from inside UFC Apex ... Read more »

Tom Thibodeau dismissing concerns about Evan Fournier's shooting woes

The Knicks were 4-0 in the preseason, but everything didn’t go perfectly, writes Marc Berman of The New York Post. One concern is the adjustment of free-agent addition Evan Fournier, ... Read more »

Rickie Fowler returns to big stage and takes lead in Vegas

LAS VEGAS (AP) — Rickie Fowler couldn’t remember the last time he saw his name at the top of the leaderboard on the weekend of the PGA Tour. He didn’t ... Read more »

Arlovski Decisions Felipe In Vegas

Andrei Arlovski and Carlos Felipe faced off in a Heavyweight clash tonight (Sat., Oct. 16, 2021) at UFC Vegas 40 from UFC Apex in Las Vegas, Nevada. Arlovski opened the ... Read more »

Grand game: Boston's 2 slams lead 9-5 ALCS win over Astros

HOUSTON (AP) — J.D. Martinez and Rafael Devers helped the Red Sox have a grand old time in Houston. © Provided by The Canadian Press Boston became the first team ... Read more »

Garrison Mathews turns down two-way contract from Celtics

© Mark J. Rebilas-USA TODAY Sports Garrison Mathews has spent the past two seasons as a two-way player with the Wizards, averaging 5.5 PPG and shooting 38.9% from three-point range ... Read more »