Tencent's annual revenue drops for first time
STORY: Tencent reported its first ever drop in annual revenue on Wednesday (March 22).
The world'd largest video game firm posted revenue of $81 billion - down 1% from a year before, and below analyst forecasts.
There were some positive signs towards the end of the year, though.
Tencent's revenue for the fourth quarter ended December rose 1% from a year earlier to $21 billion.
Revenue from online ads was one driver, rising 15%.
Tencent has been hit by a slowdown in China's economy due to the health crisis.
And the company also suffered due to a long-running regulatory crackdown.
But some in the sector are hopeful about a recovery this year.
Regulators have started granting publishing licenses for new games since late last year after a months-long freeze.
In China, unlike most countries, video games need approval from authorities before release.
