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African tech founders, watch the global markets.

Tencent Shuts Down Businesses, Cuts 5% Workforce As China’s Economy Tanks

African tech founders, watch the global markets. From America to China, there are massive re=calibrations. Even China is adjusting. Watch your burn rate and plan because a harmattan haze may be on the way, from the north east winds, off the Sahara desert.

Everybody loses sometime. Chinese tech conglomerate Tencent revealed its first year-over-year quarterly revenue decline in company history Wednesday, the result of COVID lockdowns in parts of the country and a steady government crackdown on gaming, CNBC reported. Tencent posted about $19.8 billion in second-quarter revenue, down 3% from the prior year, and fell fractionally short of analysts’ sales forecasts. The company’s gaming revenue slid 1%, as Chinese government officials continued to limit children’s gameplay time and approve few new titles from developers. (LinkedIn News)