Tencent (OTCPK:TCEHY) reports its largest quarterly profit drop since its 2004 IPO with net profit down 32% to RMB14..2B (or $2.1B). The decline was attributed to a RMB2.1B one-off charge related to Tencent Music and weaker market conditions.

Smartphone game revenue grew 12% Y/Y to RMB19B. Nine new games were approved in the quarter following a months-long Chinese license freeze due to a regulatory crackdown.

Online advertising gained 38% Y/Y to RMB17B on the back of a 44% growth in Social ads.

Previously: Tencent Holding reports Q4 results (March 21)

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