Shares of Chinese tech giant Tencent Holdings (OTC: TCEHY) plunged 5.9% at one point today before recovering to a 4.1% decline as of 2:35 p.m. EDT.
At first, it was hard to pinpoint the reason for the decline. Tencent's second-quarter results came in ahead of expectations, including a return to growth in its important Domestic Games segment. However, Tencent's fintech segment slowed markedly, which dovetailed with other negative financial data out of China today. That seemed to outweigh the other good company-specific news.
For the quarter, Tencent delivered 8% revenue growth, but due to the company's continued cost cuts and refocus, non-IFRS gross profit rose 21% and operating profit rose an even higher 27%.
Source Fool.com