By Yifan Wang


Tencent Holdings Ltd.'s revenue fell for the second straight quarter.

The world's largest videogame developer on Wednesday posted revenue of 140.09 billion yuan ($19.89 billion) for the third quarter, down 1.6% from a year earlier. Net profit rose 1.1% to CNY39.94 billion.

The revenue decline was due to continued weakness in its main gaming business and falling advertising revenue, as China's tighter game regulations and subdued consumption weighed.

Tencent also said that it will distribute the large majority of its shareholding in food-delivery company Meituan.


Write to Yifan Wang at yifan.wang@wsj.com


(END) Dow Jones Newswires

11-16-22 0424ET