
Tencent Holdings, one of China's leading tech giants, reported a weaker-than-expected revenue growth in the fourth quarter, with a 7% increase year-over-year to approximately $21.6 billion, falling short of the estimated $21.8 billion. This slowdown reflects the broader impact of China's faltering economic recovery on the gaming and social media sectors. Despite the revenue miss, Tencent announced plans to double its stock buyback program to more than $12.8 billion. The company's fourth-quarter net income was approximately $3.8 billion, below the expected $4.6 billion, highlighting the significant impact of the slowing Chinese economy on its financial performance.





Profits Slide at China’s Tencent as 2023 Revenues Hold Steady https://t.co/H3axkypSCu
Tencent with weaker-than-expected revenue growth. Plans to double its buyback program. CEO: "In 2023, we achieved breakthroughs in a number of products and services.." $TCEHY https://t.co/74tD4V7L7x
Tencent reports Q4 revenue up 7% YoY to ~$21.6B, vs. ~$21.8B est., a ~$3.8B net income, vs. ~$4.6B est., and plans a $12.8B+ stock buyback, as gaming sales slow (@pingroma / Bloomberg) https://t.co/0YzCEVTLag 📫 Subscribe: https://t.co/OyWeKSRpIM https://t.co/8d3xXqMSsm