China's gaming crackdown pushes Tencent to slowest profit growth in two years

Chinese gaming and social media giant Tencent Holdings posted its slowest quarterly profit growth in two years on Wednesday, hurt by a gaming crackdown, and said the outlook for the advertising sector would remain weak into next year. Net profit for the three months through September rose 3% to 39.5 billion yuan ($6.18 billion), the company said in a statement. This beat analyst expectations who were predicting a decline, according to Refinitiv data.

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Chinese gaming and social media giant Tencent Holdings posted its slowest quarterly profit growth in two years on Wednesday, hurt by a gaming crackdown, and said the outlook for the advertising sector would remain weak into next year. Net profit for the three months through September rose 3% to 39.5 billion yuan ($6.18 billion), the company said in a statement. This beat analyst expectations who were predicting a decline, according to Refinitiv data.