In a rather surprising development, Tencent, one of the biggest game publishers in the world, has just recorded its first ever negative quarter when talking solely about revenue.
As CNN reports, the Chinese company has seen a decline for the months ending June 30, with revenue dropping to $19.78 billion down from the $20.37 billion that was posted in the same quarter the year beforehand.
The reason for this drop, as CNN adds, seems to be framed around lack of approved games, new regulations that limit game playtime, and further Covid-19 lockdowns across China.
Despite this drop, and the fact that Tencent has lost 60% of its market value since it peaked in February 2021, the company does still remain as China's most valuable company, with a valuation of $373 billion.