Tencent Q2 Revenues Miss Estimates Amid China Tech Clampdown, Tough COVID Rules

By Scott Kanowsky Investing.com — Tencent Holdings Ltd (HK:0700) has reported lower-than-expected sales in the second quarter as the internet giant saw demand negatively impacted by strict COVID-19 restrictions in China and a wide-ranging tech crackdown by Beijing. Quarterly revenue at Tencent – the world’s largest video game maker – declined by 3% year-on-year to RMB134.0 billion, missing estimates of RMB134.55 billion. The decrease marks the fifth straight quarter that the top-line figure has come in under analyst forecasts. Tencent’s net profit also declined to RMB18.6 billion from RMB43 billion a year ago, below expectations of RMB25 billion. Weighing heavily…