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Chinese tech stocks slid Wednesday in US trade after Tencent reported a surprise 2% drop in second-quarter net profit, the first decline for the Chinese tech giant in nearly 13 years.
The results were dragged down by slowing growth in mobile gaming and a decline in PC gaming. Mobile gaming revenue jumped 19% year-over-year, making for a sequential decline of 19%. Meanwhile, PC gaming revenue fell 5% versus a year ago.
Those results are causing a sharp reaction in Chinese internet stocks across the board. Here's the scoreboard:
- Bilibili (BILI) -12%
- Huya (HUYA) -9%
- Pinduoduoan (PDD) -7%
- JD.com (JD) -6%
- IQiyi, the Netflix of China, (IQ) -5.2%
- YY (YY) -5%
- Alibaba (BABA) -4%
- Weibo (WB) -4%
- Baidu, the Google of China, (BIDU) -3%
- Renren, the Facebook of China, (RENN) -2%