BUSINESS WORLD - Tencent's revenue declined 3% to $19.78B for the three months ended June 30 from $20.3B a year earlier. It is hurt by a government clampdown on game approvals and playing time as well as COVID-19 lockdowns and a weakening economy that squeezed ad sales. Tencent plans to sell all or bulk of its $24B stake in food delivery firm Meituan to placate domestic regulators.
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Tencent Reports First Revenue Drop as Gaming Regulations and COVID-19 Bite
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