Tencent Profit Battered by China’s Slow Pace of Videogame Approvals – Wall Street Journal

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HONG KONG—Chinese tech giant Tencent Holdings Ltd. said it is looking to expand overseas as videogame woes at home contributed to a 32% drop in its fourth-quarter profit, its sharpest ever year-over-year fall.

The Shenzhen-based company’s profit took a big hit from investments it is plowing into content and technology to diversify beyond its core videogame business, which contributed a shrinking amount to the company’s overall revenue.

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