The Chinese giant Tencent continues to report a decline in revenue. In the third quarter, its revenue fell by 2% to $19.7 billion. This is $225 million lower than analysts expected.

According to Reuters, citing sources close to the company, the layoffs affect half of Tencent‘s divisions, including gaming.

Tencent continues to lose in value. On the evening of October 19, the Chinese giant’s stock price dropped by 5.48% to $30.16 apiece. They haven’t traded so cheaply since April 2017.

In August 2022, Tencent reported a drop in quarterly revenue for the first time in 18 years. The investment bank Goldman Sachs believes that the situation will not improve in the third quarter. According to their estimates, the revenue of the Chinese giant will fall by 1%, and operating profit — by 8%.

Gruby Entertainment is a young Polish studio founded in 2020 by people from People Can Fly. It is not known how much she received from Tencent and on what terms.

She lost the title to the manufacturer of alcoholic beverages Kweichow Moutai.

The transaction amount and other financial details were not disclosed. The management of the New Zealand Digital Confectioners announced that the studio will maintain creative independence and at the same time receive more information about the Chinese market.

The increased regulation of technology and gaming companies in China has seriously affected the market value of Tencent. It was also affected by the fact that in June one of the largest shareholders of the holding, Prosus, announced that he planned to reduce his share.

Shawn Layden said on LinkedIn that he has been working with the Chinese giant since August. He advises Tencent‘s gaming division, helping it develop in an industry to which Leyden “devoted most of his career.”

Gaming giant Tencent has invested in the creators of the medieval slasher Mordhau. It is not disclosed on what terms the transaction took place and how much it cost the Chinese company.

It is unknown exactly how many people were left without work. But the network writes that “almost all” employees of Fanbyte, including editor-in-chief Danielle Riendeau, have been cut.

Last night it became known that Tencent is going to invest €300 million in Guillemot Brothers Limited, a company owned by the founders of Ubisoft. As a result of the deal, the Chinese giant will not only receive 49.9% of the shares of this company, but will also increase its stake directly in Ubisoft to 9.99%.

According to Hurun Research Institute estimates, in the first half of 2022, the Chinese giant invested 122 times in companies of the “unicorns” and “gazelles” classes.

Tencent has decided to get rid of the shares of inefficient companies due to growing pressure from the Chinese authorities and investors, the Financial Times reports.

The Chinese giant acquired shares through a subsidiary of Sixjoy. Together with him, Sony invested in the authors of Elden Ring, which now owns 14.09% of the studio.

In the second quarter, Tencent‘s revenue fell 3% to $20 billion. Most likely, this is due to the consequences of lockdowns, the company’s lack of new licenses to publish games in China and strict control by the country’s authorities.

Tencent said it wants to focus on its core strategy and is therefore “making adjustments to the Huanhe business.“ She added that users can still store tokens on the platform and request a refund.

Hadean specializes in creating virtual worlds. The startup has collaborated with Microsoft, Epic Games, Minecraft and the UK Ministry of Defense.

According to analyst Daniel Ahmad, the hotel will open in August. It will be based in the Chinese city of Hangzhou.