Tencent’s $143 billion rout is world’s biggest as tech sinks
6 years, 5 months ago

Tencent’s $143 billion rout is world’s biggest as tech sinks

Live Mint  

Hong Kong: If you thought the slump in US technology stocks was bad, take a look at Tencent Holdings Ltd. Tencent, Asia’s second-largest company after e-commerce behemoth Alibaba Group Holding Ltd., has also been dogged by concern that growth in its mobile-gaming unit is slowing. “Investors are increasingly pricing in lower expectations for Tencent’s interim results,” said Linus Yip, a strategist at First Shanghai Securities in Hong Kong. They have been enjoying fast profit growth in the past few years, so it will be difficult for them to maintain similar growth in the future as the competition grows and some segments are saturated.” Tencent’s year-on-year profit growth probably slowed to 5.1% in the second quarter, the weakest pace since 2012, according to analyst estimates compiled by Bloomberg. All 51 forecasters tracked by Bloomberg have the equivalent of a buy recommendation on Tencent’s shares, with the average price target implying a 45% gain over the next 12 months.

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History of this topic

Stocks slip as the ‘Magnificent 7’ tech firms weigh down the market
2 weeks, 6 days ago

Stocks slip as the ‘Magnificent 7’ tech firms weigh down the market

LA Times  

The statue “Fearless Girl” stands outside the New York Stock Exchange. That weaker-than-expected report follows an update on the labor market Thursday that showed unemployment benefits held steady last week. The stream of upbeat economic data and easing inflation helped prompt a reversal in the Federal Reserve’s interest rate policy this year. Even though inflation has come closer to the …

Stocks Climb Led by Small Caps, Bitcoin Soars: Markets Wrap
1 month, 3 weeks ago

Stocks Climb Led by Small Caps, Bitcoin Soars: Markets Wrap

Live Mint  

-- It’s shaping up to be a good week for blue-chip and small-cap stocks which led Friday’s advance as this year’s big tech winners struggled to gain ground. The dollar rose, on course for an eighth straight week of gains, the currency’s longest run of the year, while Bitcoin set an all-time high in its race toward the $100,000 mark. …

Stocks tank as economic slowdown fears mount and tech companies disappoint
4 months, 1 week ago

Stocks tank as economic slowdown fears mount and tech companies disappoint

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Wall Street took a …

Stock market today: Global shares tumble after a wipeout on Wall Street as Big Tech retreats
5 months, 3 weeks ago

Stock market today: Global shares tumble after a wipeout on Wall Street as Big Tech retreats

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Please try again later {{ …

Stock market today: Asian shares sink, weighed down by Wall St tech retreat, China policy questions
5 months, 4 weeks ago

Stock market today: Asian shares sink, weighed down by Wall St tech retreat, China policy questions

Associated Press  

Asian shares retreated Friday after a broad washout across Wall Street dragged U.S. stocks lower, and Hong Kong’s benchmark fell more than 2% as investors remained wary over China’s plans for helping its ailing property sector. AP AUDIO: Stock market today: More drops for big tech stocks keep dragging Wall Street lower AP business correspondent Seth Sutel has the AP …

Stock market today: Asian shares mostly fall as dive for Big Tech stocks hits Wall St rally
5 months, 4 weeks ago

Stock market today: Asian shares mostly fall as dive for Big Tech stocks hits Wall St rally

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Asian shares were mostly lower …

US stock market: Intel shares buck the chips rout, rise 8%
5 months, 4 weeks ago

US stock market: Intel shares buck the chips rout, rise 8%

Live Mint  

Intel Corp. shares bucked the chips rout on Wednesday, rising as much as 8.2 per cent on speculations that the company could benefit from policies under either a Biden or Trump administration. Chip stocks plunged on worries over trade curbs on companies giving China access to advanced semiconductor technology. According to a Bloomberg report, the Biden administration has told US …

Tech-heavy Nasdaq hits two-week-low; Nvidia, ASML crash 4-8% from all-time high on tighter US trade curbs outlook
5 months, 4 weeks ago

Tech-heavy Nasdaq hits two-week-low; Nvidia, ASML crash 4-8% from all-time high on tighter US trade curbs outlook

Live Mint  

US technology and semiconductor chipmaking stocks fell from their all-time high levels after concerns over tougher restrictions on global chip sales to China spurred a stock rout on Wednesday, July 17. The tech-heavy Nasdaq slumped nearly two per cent to hit a two-week low, accompanied by losses on the S&P 500, as major chip and tech stocks were pressured by …

Stock market today: Asian shares mostly fall as dive for Big Tech stocks hits Wall St rally
5 months, 4 weeks ago

Stock market today: Asian shares mostly fall as dive for Big Tech stocks hits Wall St rally

Associated Press  

TOKYO — Asian shares were mostly lower Thursday, with Tokyo’s benchmark dipping more than 2%, after Wall Street’s record-breaking rally slammed into a wall of worries over potentially worsening trade tensions with China. The markets’ spotlight was squarely on chip companies after a report from Bloomberg News said President Joe Biden is considering the most severe trade restrictions available if …

Tencent doubles share repurchases as revenue, profit rises
9 months, 3 weeks ago

Tencent doubles share repurchases as revenue, profit rises

China Daily  

People visit the Tencent stand during the 2018 World Artificial Intelligence Conference in Shanghai, Sept 21, 2018. Chinese tech firm Tencent Holdings said on Wednesday that it will at least double the size of its share repurchases from HK$49 billion in 2023 to over HK$100 billion this year, as the company posted a rise in revenue and profit in its …

Stock market today: Asian stocks mostly fall as Chinese shares skid despite moves to help markets
11 months, 1 week ago

Stock market today: Asian stocks mostly fall as Chinese shares skid despite moves to help markets

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. On Friday, Big Tech stocks …

US futures lower on the dawn of Elon Musk era at Twitter
2 years, 2 months ago

US futures lower on the dawn of Elon Musk era at Twitter

India TV News  

Wall Street pointed toward declines before markets opened Friday, but most major U.S. indices were still on track for rare back-to-back weekly gains, as an awful week for technology companies comes to a close and the Elon Musk era at Twitter begins. Amazon’s dour forecast came after Facebook’s parent company, Meta Platforms, plummeted 24.6% for the biggest drop in the …

Nasdaq falls as US export controls on China weigh on chip stocks
2 years, 3 months ago

Nasdaq falls as US export controls on China weigh on chip stocks

Live Mint  

The Nasdaq hit a two-year low on Monday as chipmakers bore the brunt of US efforts to hobble China's semiconductor industry, while caution reigned ahead of the start of the earnings season. The Philadelphia SE Semiconductor index tumbled 3.5% to also touch a two-year low, after the Biden administration published a set of export controls on Friday, including a measure …

Tencent revenue falls for first time since going public
2 years, 4 months ago

Tencent revenue falls for first time since going public

Hindustan Times  

Chinese tech giant Tencent on Wednesday posted its first drop in quarterly revenue since going public, as the company grapples with China's economic downturn, pandemic disruptions and ongoing scrutiny from regulators. Tencent also cut around 5,500 jobs down to 110,715 employees by the end of June, the first quarterly decline in workforce since 2014. Tencent said China's domestic gaming market …

Alibaba and Tencent stocks plunge after latest fines
2 years, 6 months ago

Alibaba and Tencent stocks plunge after latest fines

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Shares of Chinese technology firms …

China stocks: Alibaba and JD.com rally on hopes tech crackdown is ending soon
2 years, 7 months ago

China stocks: Alibaba and JD.com rally on hopes tech crackdown is ending soon

CNN  

Hong Kong CNN Business — Shares in Chinese tech companies have surged this week on hopes that Beijing is close to ending a yearlong regulatory crackdown on the industry. The gains followed a strong session for Chinese stocks on Wall Street on Monday,when the Nasdaq Golden Dragon China Index soared 5.4%. “The headline sparked speculation that Beijing was ending the …

Tencent Q4 earnings prompt stock tumble as China crackdown hits growth
2 years, 9 months ago

Tencent Q4 earnings prompt stock tumble as China crackdown hits growth

CNN  

Hong Kong CNN Business — Tencent’s stock suffered a sharp drop after the company reported its slowest-ever growth due to a bruising crackdown by China on the country’s tech sector. Co-founder Pony Ma and president Martin Lau joined an earnings call on late Wednesday and acknowledged that 2021 was a “challenging year” for Tencent and China’s internet industry more broadly. …

Evergrande shares plummet 20% to new record low as default fears resurface
3 years, 1 month ago

Evergrande shares plummet 20% to new record low as default fears resurface

CNN  

Hong Kong CNN Business — Shares of Evergrande plummeted to a new record low on Mondayas the Chinese developer once again teetered on the brink of default. “In light of the current liquidity status … there is no guarantee that the group will have sufficient funds to continue to perform its financial obligations,” Evergrande said late Friday in a stock …

China's crackdown on 'powerful' tech giants may be a 'terrible own goal'
3 years, 4 months ago

China's crackdown on 'powerful' tech giants may be a 'terrible own goal'

ABC  

For many years, Jack Ma was the poster child for China's technological rise, until he gave a controversial speech which led to the Communist Party turning him into "public enemy number one". Key points: Alibaba founder Jack Ma is $32.5b poorer after criticising the government His speech is regarded as a "tipping point" for Beijing's wider tech crackdown US-China rivalry …

Tencent vows fresh gaming curbs after 'spiritual opium' attack zaps $60 billion
3 years, 5 months ago

Tencent vows fresh gaming curbs after 'spiritual opium' attack zaps $60 billion

The Hindu  

China's Tencent Holdings Ltd said on Tuesday it would further curb minors' access to its flagship video game, hours after its shares were battered by a state media article that described online games as "spiritual opium". Economic Information Daily cited Tencent's "Honor of Kings" in an article in which it said minors were addicted to online games and called for …

Tencent cracks down on screen time after Chinese state media says gaming is ‘spiritual opium’
3 years, 5 months ago

Tencent cracks down on screen time after Chinese state media says gaming is ‘spiritual opium’

CNN  

New Delhi CNN Business — Tencent has announced new limits on the amount of time minors can spend playing the company’s online games, even as investors worry that China may extend its historic crackdown on the private sector to the gaming industry. Those fears were stoked Tuesday after Economic Information Daily — a business newspaper owned by Xinhua News Agency, …

Beijing calls for calm after historic tech stock rout
3 years, 5 months ago

Beijing calls for calm after historic tech stock rout

CNN  

Hong Kong CNN Business — Chinese state media is urging investors to stay calm following a brutal stock market sell-off this week that has wiped out hundreds of billions of dollars in value. Chinese state-run newspaper Securities Times published a commentary Wednesday acknowledging the “changes in policy for certain industries” after a market rout on Monday and Tuesday that came …

Tencent, Alibaba, Meituan stocks continue to plunge as China expands its crackdown
3 years, 5 months ago

Tencent, Alibaba, Meituan stocks continue to plunge as China expands its crackdown

CNN  

Hong Kong CNN Business — Chinese tech stocks keep getting slammed with a stunningly massive sell-off that has wiped outhundredsof billions of dollars in market valueas investors continue to digest Beijing’s widening crackdown on private enterprise. Meituan closed down 17.7% in Hong Kong on Tuesday, eclipsing Monday’s massive 14% loss — making it the food delivery firm’s worst two days …

Tencent just got a bit of good news from Chinese regulators on its Sogou deal
3 years, 6 months ago

Tencent just got a bit of good news from Chinese regulators on its Sogou deal

CNN  

Hong Kong CNN Business — Chinese regulators have cleared the way for Tencent to take complete control of Sogou, a major search engine that could help the tech firm take on market leader Baidu. China’s State Administration for Market Regulation said Tuesday that it had “unconditionally approved” the buyout, which will take New York-listed Sogou private. “This merger is powerful,” …

Didi, Alibaba, Tencent stocks roiled by worsening crackdown
3 years, 6 months ago

Didi, Alibaba, Tencent stocks roiled by worsening crackdown

CNN  

Hong Kong CNN Business — China is not slowing down with its historic tech crackdown. A bunch of antitrust fines The latest concerns unfolded Wednesday when China’s antitrust regulator fined several internet companies — including Didi, Alibaba and Tencent — over accusations that they violated thecountry’sAnti-Monopoly Law while making mergers or acquisitions over the last 10 years, according to the …

Tencent Q1 earnings: Company puts out strong results, but shares slump
3 years, 7 months ago

Tencent Q1 earnings: Company puts out strong results, but shares slump

CNN  

Hong Kong CNN Business — Tencent is pulling in more money and plans on investing more in games and videos, even as Beijing expands its scrutiny of the tech sector. “People are basically looking for excuses to cash out their stake in the company,” said Hong.“There’s always risk associated with new investments, so some people may want to take money …

Tencent stock: Naspers’ spin-off Prosus sells stake worth $15 billion
3 years, 9 months ago

Tencent stock: Naspers’ spin-off Prosus sells stake worth $15 billion

CNN  

Hong Kong CNN Business — Tencent’s biggest shareholder has sold $14.7 billion worth of shares in the Chinese social media and gaming giant, and will use the money to invest in other growth ventures. Prosus, a spin-offby South African media and internet investment firm Naspers, sold a 2% stake in Tencent for 114.2 billion Hong Kong dollars, the Chinesetech giant …

Tencent boss meets China antitrust officials as scrutiny widens
3 years, 9 months ago

Tencent boss meets China antitrust officials as scrutiny widens

The Hindu  

Pony Ma, the low-profile founder of Tencent Holdings, China's biggest social media and video games company, met with antitrust watchdog officials this month to discuss compliance at his group, three people with direct knowledge of the matter told Reuters. Wu Zhenguo, the head of SAMR's anti-monopoly bureau, who was also at the meeting, expressed concern about some of Tencent's business …

Tencent loses $62 billion, wiping out value of fintech business
3 years, 10 months ago

Tencent loses $62 billion, wiping out value of fintech business

Live Mint  

Tencent Holdings Ltd. shares fell a second day on concern regulators are now turning their sights to Pony Ma’s business empire, fueling a $62 billion wipe-out that one brokerage says obliterated most of the value of its online finance business. China’s top financial regulators see Tencent as the next target for increased supervision after the clamp down on Jack Ma’s …

U.S. officials weigh adding Alibaba, Tencent to investment ban
4 years ago

U.S. officials weigh adding Alibaba, Tencent to investment ban

LA Times  

Senior U.S. officials are debating whether to bar investments in Alibaba Group Holding Ltd. and Tencent Holdings Ltd., according to people with knowledge of the talks, potentially expanding a Wall Street blacklist that’s already cost shareholders billions of dollars. The discussions among senior U.S. officials involving Alibaba and Tencent focus in part on how such a move might affect capital …

Tech chills spill into Asia, as shares sink across region
4 years, 4 months ago

Tech chills spill into Asia, as shares sink across region

Associated Press  

Asian shares declined on Wednesday after a sell-off of big technology stocks on Wall Street pulled U.S. benchmarks lower. Among big losers in the technology sector were SoftBank Group Corp., which fell 5.%, Alibaba Group Holding, whose shares fell 2.5% in Hong Kong and semiconductor maker SMIC. Tesla, one of the brightest examples of Big Tech’s wild movements, surged 74.1% …

Hong Kong’s stock market sees its future in Chinese tech
4 years, 5 months ago

Hong Kong’s stock market sees its future in Chinese tech

CNN  

Hong Kong CNN Business — Hong Kong is launching a new Nasdaq-like technology index. Hang Seng Indexes, the city’s leading index compiler, on Monday announced the creation of a new benchmark that will track the 30 largest tech firms that trade in Hong Kong. “We hope the move will help attract more tech companies to list in Hong Kong.” The …

A new tech bubble is inflating
4 years, 6 months ago

A new tech bubble is inflating

CNN  

New York CNN Business — There has been a furious rally in tech stocks since the market plunged a week ago. Former Federal Reserve chairman Alan Greenspan used that term in a speech nearly a quarter-century ago to describe the 1996 boom in the stock market – particularly the rise of big tech stocks and the wave of unprofitable internet …

Tencent posted a big profit. But there’s trouble ahead
5 years, 5 months ago

Tencent posted a big profit. But there’s trouble ahead

CNN  

Hong Kong CNN Business — Tencent’s profit jumped 35% in the second quarter thanks to a sharp turnaround in its video game business. Shares in Tencent tumbled nearly 3% in Hong Kong on Thursday after the tech giant reported sales that fell short of analyst expectations and warned that an economic slowdown in China was hurting its advertising business. “China’s …

Tencent Holdings posts 35% rise in net profit thanks to growth in gaming business
5 years, 5 months ago

Tencent Holdings posts 35% rise in net profit thanks to growth in gaming business

Firstpost  

In 2018, Tencent turned in its slowest annual profit growth in 13 years due to a suspension in approvals for new games. Tencent Holdings posted a better-than-expected 35 percent rise in quarterly net profit on Wednesday as growth in its gaming business resumed after a long regulatory freeze in China and its fintech operations saw revenues rise sharply. However, the …

Tech stocks are on their longest losing streak since Trump was elected
5 years, 5 months ago

Tech stocks are on their longest losing streak since Trump was elected

CNN  

New York CNN Business — The escalating US-China trade war is crushing the stocks of technology companies. The Nasdaq plunged 3.5% Monday, posting its sixth-straight down day — the longest losing streak since a nine-day declne in late October and early November 2016, just before President Donald Trump’s election as president. Trade tension with China is having an outsized impact …

The stock market now has two $1 trillion companies: Amazon and Microsoft
5 years, 6 months ago

The stock market now has two $1 trillion companies: Amazon and Microsoft

CNN  

New York CNN Business — The Seattle metro area is now home to the stock market’s only two trillion-dollar companies: Amazon joined neighbor Microsoft in that exclusive club Thursday. Big Tech stocks have soared this year, despite concerns about the possibility of more regulation in the United States and worldwide as well as trade tension between the United States and …

Tencent profit plunges 32% but its gaming business is recovering
5 years, 9 months ago

Tencent profit plunges 32% but its gaming business is recovering

CNN  

Hong Kong CNN Business — Tencent’s troubles aren’t over yet. Brokerage firm Daiwa said Tencent’s solid gaming business will continue to pull in money, users and overseas players. “We believe the company’s ability to procure quality gaming content in adverse market conditions will drive a recovery in sentiment,” Daiwa analysts wrote in a report published Wednesday. Tencent is still waiting …

US stocks plummet after Apple reveals iPhone sales slump
6 years ago

US stocks plummet after Apple reveals iPhone sales slump

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. The rare news of disappointing results from the California …

Tencent finally gets some good news on gaming in China
6 years ago

Tencent finally gets some good news on gaming in China

CNN  

Hong Kong CNN Business — Tencent’s gaming nightmare in China appears to be coming to an end. Shares in the Chinese internet giant, the world’s largest gaming company, rose more than5% Friday, after a government official signaled a prolonged freeze on approvals for new games is finally coming to an end. “Approvals for the first batch of games have been …

Tencent aims to hit the right note with IPO
6 years, 1 month ago

Tencent aims to hit the right note with IPO

China Daily  

The stand of Tencent Holdings Ltd's music arm at an industry expo in Beijing. With a combined 800 million monthly active users, Tencent's music subsidiary runs four leading mobile music apps in China, namely QQ Music, Kugou Music, Kuwo Music and mobile karaoke app WeSing. Tencent has a 58 percent stake in TME, while Swedish music streaming peer Spotify Technology …

Wall Street sours on Silicon Valley, battering tech stocks
6 years, 2 months ago

Wall Street sours on Silicon Valley, battering tech stocks

Associated Press  

SAN FRANCISCO — Investors for years have seemingly adored technology stocks as much as most people love their smartphones. The downturn may seem puzzling, given that Apple’s iPhone sales are booming, the online shopping traffic keeps sending more consumers to Amazon, people are constantly asking Google to enlighten and direct them, people keep posting on Facebook and Netflix has never …

Tech’s $900 billion rout is price of earnings becoming ordinary
6 years, 3 months ago

Tech’s $900 billion rout is price of earnings becoming ordinary

Live Mint  

Investors enamored of tech stocks that suddenly seem only to fall are searching for answers. Another earnings season is here and again the whole US stock market feels like it’s at risk of being laid low by tremors originating in the technology sector. Investors have been fretting the possibility since Caterpillar Inc.’s “high water mark” comment earlier this year. “The …

Tech stocks got clobbered, and the worst may not be over
6 years, 3 months ago

Tech stocks got clobbered, and the worst may not be over

CNN  

New York CNN Business — What goes up must come down, and investors are learning that the hard way. The New York Stock Exchange’s FANG+ index, which includes many of these stocks as well as Tesla, Nvidia and China’s Alibaba and Baidu, has dropped 8% this week. But these titans of tech are vulnerable to the recent spike in long-term …

Tencent announces restructuring amidst introduction of tougher govt regulation
6 years, 3 months ago

Tencent announces restructuring amidst introduction of tougher govt regulation

Firstpost  

The reshuffle is followed by a hefty fall in market value for Tencent Holdings this year. Chinese internet giant Tencent Holdings announced on Sunday its first restructuring in six years, done at a time it faces increased challenges from tighter government regulations. The reshuffle comes as Tencent Holdings, which has seen a hefty fall in market value this year, is …

Tencent market value slumps by $20 billion after Chinese crackdown on gaming
6 years, 4 months ago

Tencent market value slumps by $20 billion after Chinese crackdown on gaming

Firstpost  

Chinese Ministry called on parents to limit the time their children spend using mobile phones. Tencent Holdings’ market value slumped by around $20 billion on Friday after China intensified a crackdown on online gaming citing rising levels of myopia, heightening regulatory risks for companies in the world’s biggest gaming market. Tencent has lost more than $160 billion in market value …

Tencent loses $20 billion in value after China attacks myopia with gaming curbs
6 years, 4 months ago

Tencent loses $20 billion in value after China attacks myopia with gaming curbs

Live Mint  

Hong Kong/Beijing: Tencent Holdings’ market value slumped by around $20 billion on Friday after China intensified a crackdown on online gaming citing rising levels of myopia, heightening regulatory risks for companies in the world’s biggest gaming market. The limits came around the same time as Tencent drew scrutiny from China’s communist party mouthpiece, the People’s Daily, which described “Honour of …

Tencent stuns with first profit drop in a decade
6 years, 5 months ago

Tencent stuns with first profit drop in a decade

Live Mint  

Hong Kong: Tencent Holdings Ltd. joined the ranks of Facebook Inc. by reporting shockingly poor quarterly numbers, underscoring how tech superstars that led the market to new heights are showing signs of strain. Tencent surprised investors with its first profit drop in at least a decade—a consequence of a freeze on game approvals in China that smothered its pipeline. A …

Profit at China's Tencent falls for first time in 13 years
6 years, 5 months ago

Profit at China's Tencent falls for first time in 13 years

The Telegraph  

Chinese technology giant Tencent unveiled its first profit fall in 13 years after a sluggish performance from its mobile gaming division. Tencent, the second most valuable firm listed in Asia and one of the largest constituents of the MSCI Emerging Market index, blamed the slowdown in growth on weak sales of some of its popular gaming titles. The poor performance, …

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