Tencent earnings weigh on Chinese internet stocks

Kevin Frayer/Getty Images

• Tencent reported
  its first profit decline in nearly 13 years Wednesday.
• Shares are trading down almost 7% on
  Wednesday.
• The results are weighing on Chinese tech stocks traded
  in the US. 
• Watch
  Tencent trade in real time here. 

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. Tencent
shares are down 6.67% following the results.

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: