Tencent's first-quarter profit falls by more than half amid regulatory uncertainty and economic headwinds under Covid-19 challenges | South China Morning Post

Tencent Holdings reported worse-than-expected profit for the first quarter, as regulatory uncertainty surrounding China's Big Tech industry and macroeconomic headwinds caused by the country's strict pandemic control measures weigh on its business. The Hong Kong-listed internet giant, which runs the world's largest video gaming business by revenue and China's largest social media platform, posted a profit of 23.4 billion yuan (US$3.47 billion) for the three months ended March 31, down 51 per cent from 47.8 billion yuan a year ago. It missed the consensus estimates of 29.3 billion yuan by 17 analysts surveyed by Bloomberg. Total revenue in the quarter…