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Tencent sees first sales fall as China economy slows

Chinese tech giant Tencent has cut more than 5,000 staff and shut down parts of its business as it grapples with its first sales fall in its history. Revenue at the firm slipped 3% year-on-year in the April-June period, hit by declines in ad spending and at its online gaming business.

The WeChat owner is feeling the effects of a regulatory clampdown on gaming, as well as wider economic downturn. China's central bank on Monday cut interest rates to try to spur activity.

The country, which continues to respond to Covid outbreaks with mass shutdowns, last month reported its economy had contracted sharply in the three months to July and signalled it may miss its official 5.5% growth target.

查看中英双语全文，微信关注“可可英语晨读”公众号。关注即可【加入晨读打卡学习群、领取双语全文pdf笔记，还能了解更多关于外刊精读的小技巧】。更多更快更精彩的内容，尽在“可可英语晨读”公众号。