profits plunge amid China Covid lockdowns, regulation

Signage for Tencent Holdings atop an office building in Shanghai, China, on March 22, 2022. China's Tencent reported on Wednesday its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004. Qilai Shen | Bloomberg | Getty Images BEIJING — Chinese tech giant Tencent reported disappointing first quarter revenue across all major business segments, including a hit to mobile pay from Covid lockdowns. Shares of Tencent, the largest Hong Kong-listed Chinese stock by market value, traded nearly 7% lower…