PROSF - Tencent slips 6% after posting slowest growth on record

Tencent (OTCPK:TCEHY) has slumped 5.6% in U.S. trading after its fourth-quarter earnings indicated the slowest sales growth since the company's 2004 listing in Hong Kong. Revenues grew just 8% in Q4, to 144.19 billion yuan (about $22.6 billion) - its first growth rate that was only in single digits, and merely in line with expectations and disappointing many analysts. While PC client gaming performed well (with 10.6 billion yuan), its bigger value-added services business fell short at 71.9 billion yuan, and online advertising fell for the first time, to 21.5 billion yuan. Operating profit fell 13% (non-IFRS) to 33.2 billion yuan (about $5.2 billion) Net income of 95 billion yuan beat expectations but benefited from a one-time gain. Adjusted attributable net income was 24.9 billion yuan (about $3.9 billion), down about 25% year-over-year. Those "relatively soft" results were widely expected, particularly in online advertising, Citi's Alicia Yap says. “On the

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Tencent slips 6% after posting slowest growth on record