Alibaba and Tencent have felt the effects of a Covid-induced economic slowdown in China which is hitting areas from consumer spending to advertising budgets.
Australian Bank to Scrap Loans for New Diesel and Gasoline Cars as Country Looks to Increase EV Uptake
Indeed, Tencent's profit, when excluding certain non-cash items and impact of merger and acquisition transactions, rose 10% from the previous quarter. Alibaba meanwhile flagged its cost cutting drive earlier this year and continues to push forward with it. Alibaba and Tencent have had to play a delicate balancing act to convince investors that while costs are being cut, they're still investing in the future.
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