Investing.com - Shares of the Hong Kong-listed Tencent Holdings fell 2.5% on Monday in Asia, after plunging about 7% last week following the release of a weak quarterly earnings report.
Tencent, the social media giant that runs WeChat and a multiple of other internet services, missed on first-quarter revenue and showed signs of slowing growth in advertising sales, according to its latest earnings report released on Wednesday.
Sales growth, which was recorded at 16%, was at the slowest pace since it went public in 2004.
Net income recorded a 17% rise, which was better than expected, but the figure was helped by a one-off gain of more than $1.5 billion from the expanding valuations of investments in finance and gaming companies.
The company’s shares slid 1.9% on Thursday following the release of the report and plunged 6.9% for the week.
The Hang Seng Index was down 0.6% today amid news that Google (NASDAQ:GOOGL) has now suspended some business with Huawei and all Huawei-made phones will immediately lose access to updates to the Android operating system, the world’s most popular smartphone software.
The news sent Chinese and Hong Kong stocks lower as traders are increasingly concerned that the trade war would drag on and further impact the Chinese economy.
Tencent has now lost a third of its market value since its shares hit a peak on January 23.