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Tencent Holdings logged its first-ever income decline after internet marketing gross sales fell by a report, underscoring the extent to which China’s worsening financial system is hurting its largest companies.
The nation’s most beneficial firm slashed 5,000 jobs or practically 5% of its workforce — the primary quarterly drop in staffing since 2014 after layoffs rippling by way of the worldwide tech sector lastly hit the WeChat operator. Income fell a deeper-than-projected 3% to 134 billion yuan ($19.8 billion) whereas web revenue additionally missed estimates, plunging 56% within the June quarter.
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