"The decrease was primarily driven by lower advertising revenues from Tencent Video as a result of weak brand advertising demand amid the challenging macro environment, as well as delayed content production and releases," Tencent said. This relates to advertising on Tencent Video, the company's streaming service. WeChat app is displayed in the App Store on a smartphone in an arranged photograph taken in Arlington, Virginia, on Friday, Aug. The growth rate was also slower than the 32% year-on-year rise seen in the first quarter of 2019.Īd revenues were dragged down by a 25% plunge in media advertising revenue. Meanwhile, online ad revenue rose 13% year-on-year to 18.55 billion yuan versus expectations of 20.27 billion yuan, according to Refinitiv consensus estimates. The Chinese technology giant said the revenue growth was due to "increased average daily transactions and value per transaction, from wealth management, as well as from cloud services as a result of greater consumption of our public cloud." Tencent (0700.HK) said it would investigate the functions of its popular social messaging app WeChats 'youth mode', after Beijing prosecutors initiated a civil public-interest lawsuit against a. This business includes some of Tencent's financial technology products like WeChat Pay as well as its nascent cloud computing segment. However, this was below a Refinitiv consensus estimate of 30.61 billion yuan. Revenue from the fintech and business services division increased to 29.86 billion yuan, a 30% year-on-year rise and a faster growth rate than the previous quarter. The WSJ, citing people familiar with the matter, said that WeChat. Social network revenues increased by 29% year-on-year to 26.71 billion yuan due to revenue contributions from digital content services including live broadcast service Huya, which Tencent has a large stake in, as well as the company's music subscription service. Tencent shares fell nearly 10 to close at 331.80 Hong Kong dollars (42.38), their lowest closing level since Dec. While online games accounted for around one-third of revenue, Tencent has some other fast-growing businesses too. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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