Tencent, China’s largest internet company by revenues, has warned that it will see continuous pressure on profit margins, with acquisitions driving up costs and more of its revenues needing to be shared with third-party app developers.
The announcement came as the company reported results for the second quarter that missed analysts’ expectations and profits for the period that had grown at the slowest rate in four years.
Net profit in the three months to June 30 was Rmb2.3bn ($358m), up 22.6 per cent year-on-year but down 18.2 per cent compared with the first quarter. Operating margin decreased from 53.4 per cent in the last quarter to 41.3 per cent.
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