Tencent's net profit declined sharply in the fourth quarter

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The world's largest Chinese investment Internet company, Tencent Holdings, at the end of the fourth quarter of last year, reported a decrease in net profit by 32% to 14 billion 230 million yuan. Experts had expected a decline to 17 billion 550 million yuan. The main reasons for such a sharp drop in profits were a reduction in revenue as a result of the moratorium imposed on the approval of new games in China, and increased competition. At the same time, revenue was higher than experts' forecasts, having increased by 28% to 84 billion 900 million dollars. At the same time, the company noted that the growth rate of revenue slowed down 2 times compared to a year ago. The growth in the price of services Tencent increased over the year by 43% mainly due to higher costs for the creation of the content. The company recorded a quarterly increase in revenue from social networks by 25%, from online advertising - by 38%.

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