profits plunge amid China Covid lockdowns, regulation – Around World journal

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 ImagesBEIJING — 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 Thursday, pulling down…