Chinese tech giant Tencent Holdings’ revenue growth was slower than anticipated in the third quarter of 2021 at 13%, after China’s wide-reaching tech clampdown took a toll on businesses like gaming and advertising, reports Caixin. Sales rose to RMB 142.4 billion ($22.3 billion) for the three months ending September, missing the RMB 145.4 billion average forecast.
Growth decelerated for a sixth straight quarter and reached the slowest pace since Tencent went public in 2004. Net income was RMB 39.5 billion, compared with the RMB 32.6 billion projected.
China’s largest company is making a deeper foray into enterprise software and advanced technologies after Beijing’s yearlong crackdown on the consumer internet arena. Last week, the WeChat owner pledged $3 billion worth of resources over the next three years to its cloud business partners and unveiled its first self-made chips for use cases like search and video-transcoding.