Josh Ye

HONG KONG, (Reuters) – Tencent Holdings, a Chinese social media and gaming giant, reported flat revenue growth for the first quarter. This was its worst performance ever. It also missed market expectations due to China’s slowdown in economic activity and a freeze of new games licences.

According to Refinitiv, it posted revenues of 135.5 billion Yuan ($20.08 trillion) in March compared to the 135.3 billion yuan recorded last year. This is below the average analyst estimate (141 billion yuan), which was derived from 16 analysts.

The company’s equity shareholders also saw a drop in profit of 51%.

($1 = 6.7488 renminbi)