THE WHAT? Tencent saw its shares dip 2.5 percent in Hong Kong following the announcement of its latest set of results; both sales and net income came in below analysts’ expectations.
THE DETAILS Revenue rose 11 percent, widely considered a lackluster performance and, while net income increased 41 percent to CNY26.2 billion, this was considerably below the average estimate of CNY32.2 billion.
THE WHY? Chinese tech rivals Alibaba and JD.com both beat expectations in the June quarter and Tencent’s miss comes amid wider economic uncertainty as the Chinese economy experiences flagging domestic consumption and rising debt.