Tencent Holdings (TCEHY) reported its Q3 results with revenues continuing to be in a decline for the second straight quarter. In the third quarter, Tencent reported revenues of 140.1 billion yuan or $19.7 billion, down 2% year-over-year and falling short of Street estimates of 141.6 billion yuan. However, the Chinese technology and entertainment conglomerate's net profit was up 1% year-over-year to 39.9 billion yuan, or approximately $5.6 billion. The company also announced that it was shedding most of its 17% stake in Meituan, a Chinese food delivery app. Tencent will transfer 958.12 million shares in Meituan valued at around $20.
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Tencent (PK) (USOTC:TCEHY)
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