Chinese internet stocks are getting slammed after Tencent's profit drops for the first time in almost 13 years

Kevin Frayer/Getty Images
  • Tencent reported its first profit decline in nearly 13 years Wednesday.
  • Shares are trading down almost 7% on Wednesday.
  • The results are weighing on Chinese tech stocks traded in the US.
  • Watch Tencent trade in real time here.

Chinese tech stocks slid Wednesday in US trade after Tencent reported a surprise 2% drop in second-quarter net profit, the first decline for the Chinese tech giant in nearly 13 years. Tencent shares are down 6.67% following the results.

The results were dragged down by slowing growth in mobile gaming and a decline in PC gaming. Mobile gaming revenue jumped 19% year-over-year, making for a sequential decline of 19%. Meanwhile, PC gaming revenue fell 5% versus a year ago.

Those results are causing a sharp reaction in Chinese internet stocks across the board. Here’s the scoreboard:

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