- 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:
- Bilibili(BILI) -12%
- Huya(HUYA) -9%
- Pinduoduo(PDD) -7%
- JD.com(JD) -6%
- IQiyi, the Netflix of China, (IQ) -5.2%
- YY(YY) -5%
- Alibaba(BABA) -4%
- Weibo(WB) -4%
- Baidu, the Google of China, (BIDU) -3%
- Renren, the Facebook of China, (RENN) -2%
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