China’s Tencent reported on Wednesday that its quarterly profit halved from a year ago and revenues stagnated, blaming cuts in advertising spending by consumer, e-commerce and travel businesses for its worst performance since it went public in 2004.The operator of the WeChat messaging platform and the world’s largest video game company said ad sales slumped 18 percent in the first quarter ended March 31, following a 13 percent drop in the October-December period.COVID-19 lockdowns in China have hurt advertiser sentiment, while Tencent’s ad business has also taken a knock from competition from rivals, including TikTok owner ByteDance.
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