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HONG KONG: Tencent Holdings<\/a> said on Wednesday it would distribute its $20.3 billion stake in food delivery firm Meituan<\/a> in dividend, as it reported a second straight quarterly sales<\/a> drop, hit by economic slowdown and China's regulatory crackdown.
The divestment plan, which Reuters reported in August, comes as the Shenzhen-based tech<\/a> giant retrenches, shutting some unprofitable businesses and laying off staff in a bid to return to growth.
China's sweeping regulatory crackdown on technology heavyweights, which started in late 2020, has ended the industry's giddy growth, as it took aim at their sprawling empire built through acquisitions and domestic concentration of market power.
Tencent, the world's largest video game company and the operator of the WeChat<\/a> messaging platform, said its revenue fell by 2% to 140 billion yuan ($19.8 billion) for the three months that ended Sept. 30, a second straight quarterly drop. It also missed analysts' average forecast of 141.6 billion yuan.
Up to the previous quarter, Tencent reported double digit growth for almost every three-month reporting period since it went public in 2004, but its expansion has been halted by China's crackdown on the tech industry that began in late 2020.
Charlie Chai, an analyst at 86 Research, said revenue was weak as expected, but Tencent's margin improvement, driven by cost cutting, was a surprise.
\"A lean operation combined with potential revenue acceleration is a good setup that investors will like. I expect more investors to take a fresh look at the stock and potentially add positions.\"
Shares in Tencent closed up 2.22% prior to the earnings announcement. Tencent has lost nearly 60% of its market value since a peak in February 2021.
SPECIAL DIVIDEND
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Tencent said it will transfer 958.12 million shares in Meituan, representing approximately 15.5% of the total number of issued shares of Meituan. Tencent owns 17% of the food delivery company.
Meituan said it and Tencent would maintain their mutually beneficial business relationship after the stake sale.
\"Tencent has already distanced itself from Meituan. Given the anti-trust environment, all investment stakes, even if strategic by intention when the deal was done, are now financial. I guess all major stakes will eventually be distributed or sold,\" Chai said.
Tencent has been reducing holdings in portfolio companies partly to appease the Chinese regulators and partly to book hefty profits on those bets, sources have said.
In December, it announced the divestment of about 86% of its stake in JD.Com Inc, worth $16.4 billion, weakening its ties to China's second-biggest e-commerce platform.
Besides Meituan, Tencent also holds stakes in e-commerce company Pinduoduo Inc, video platform Kuaishou<\/a> , ride-hailing champion Didi, electric vehicle maker Tesla and streaming service Spotify<\/a>.
GAMES HIT
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Demand for video games, a key revenue source for Tencent, remained weak in the quarter, as it has not received publishing approval for any commercial game for more than a year.
A Tencent subsidiary obtained a license in September but it was for an educational game with no monetization.
Domestic gaming revenue shrank 7% to 31.2 billion yuan, while international gaming revenue rose 3% to 11.7 billion.
Online advertisement sales also declined by more than 5% to 21.5 billion yuan, as advertisers tightened budgets in a weak economy.
Net profit rose 1% to 39.9 billion yuan, ahead of an average estimate by analysts of 25.6 billion yuan.
In the third quarter, the number of Tencent employees fell by 1,875 to 108,836 as of end-September. The second quarter's number was already down by 5,498, or nearly 5% from the first quarter.
Reuters reported on Tuesday that the company has begun a new round of job cuts targeted at its video streaming, gaming and cloud units. Reuters was not able to establish the scale of the job losses.
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腾讯发布20.3美元左右Meituan股份,第三季度销售额下降
8月份减持计划,据路透社报道,之际,这家总部位于深圳的科技巨头削减,关闭一些不盈利的企业和裁员,以恢复增长。
香港:腾讯控股周三表示,将分发食物交付其203亿美元的股份公司Meituan在股息,连续第二个报道季度销售下降,受经济增长放缓以及中国的监管行动。
8月份减持计划,据路透社报道,之际,这家总部位于深圳的科技巨大的削减,关闭一些不盈利的企业和裁员,以恢复增长。
中国全面监管打击技术巨头,在2020年晚些时候开始,已经结束了该行业的疯狂增长,瞄准他们的庞大帝国建立通过收购和国内的市场权力集中。
世界上最大的视频游戏公司腾讯的运营商微信消息传递平台,称其收入下降了2%,至人民币1400亿元(合198亿美元)截至9月30日的3个月,连续第二个季度下滑。它还低于分析师平均预估的1416亿元。
前一个季度,腾讯报道两位数增长几乎每三个月报告期内自2004年上市以来,但它的扩张已经被中国停止镇压在2020年底开始的科技产业。
86个研究分析师查理柴说,收入预期疲弱,但腾讯提高利润率,由于削减成本,是一个意外。
“精益操作结合潜在收入加速是一个很好的设置,投资者会喜欢。我希望更多的投资者将重新审视股票并有可能添加的位置。”
前腾讯股价收盘上涨2.22%盈利公告。腾讯已经损失了近60%的峰值在2021年2月以来的市场价值。
特别股息
腾讯表示,它将在业内转移9.5812亿股,约占总数的15.5%业内的已发行股票。腾讯拥有食物快递公司17%的股份。
业内表示,腾讯将股权出售后保持互惠互利的业务关系。
“腾讯已经逐渐远离业内。考虑到反垄断环境,所有投资股份,即使战略意图交易完成的时候,现在金融。我猜所有主要股权最终将分布式或出售,”柴说。
腾讯一直在投资组合公司减持部分安抚中国监管机构和部分书高额利润的赌注,消息人士说。
去年12月,该公司宣布的撤资JD公司约86%的股份。Com . n:行情),价值164亿美元,削弱中国第二大电子商务平台的关系。
除了业内,腾讯电子商务公司Pinduoduo公司还持有股权,视频平台Kuaishouride-hailing冠军迪迪,电动汽车制造商Tesla和流媒体服务Spotify。
游戏打
对游戏的需求,腾讯的主要收入来源,本季度依然疲弱,因为它没有得到出版批准任何商业游戏了一年多。
腾讯子公司获得许可在9月,但一个教育游戏没有盈利。
国内博彩收入下降了7%,至人民币312亿元,而国际博彩收入增长3%,至117亿。
在线广告销售也下降了5%,至人民币215亿元以上,为广告商收紧预算在经济疲软。
净利润同比增长1%,至人民币399亿元,高于分析师平均预估的256亿元。
在第三季度,腾讯员工截至9月末下降1875人,至108836人。5498年第二季度的数量已经下降了,或者从第一季度近5%。
路透社周二报道说,该公司已经开始新一轮的裁员针对视频流,游戏和云单位。路透社无法建立失业的规模。
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