Tencent Holdings recorded the worst quarterly drop in profits since listing in Hong Kong in 2004, with its revenues essentially equal as the resurgence of the pandemic in China added obstacles to annual regulation.

A participant in social media and video games said he would need time to take regulatory action that has cut revenue from advertising and video games over the past year, and warned that restrictions in China’s Covid-19 could delay the resumption of its advertising business. But executives said they welcome recent signals that Beijing wants to support the technology sector, which could give Tencent and other technology giants struggling to rest.

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