Tencent Reports a Significant Profit Decline on Flat Revenues

Chinese tech and entertainment conglomerate Tencent Holdings posted a 23 percent first quarter profit decline on earnings that inched up only 0.1 percent, its worst results since publicly listing on the Hong Kong Stock Exchange in 2004. China’s COVID-19 resurgence and the ensuing regulatory crackdown of the past year were cited as factors. The world’s largest video game developer said that it is refocusing on quality product as Beijing telegraphs it will limit the number of titles release in the coming months. Authorities suspended video game licenses and put time restrictions on game streaming in an effort to protect the nation’s youth. Continue reading Tencent Reports a Significant Profit Decline on Flat Revenues

CenturyLink to Take On AT&T with $34B Purchase of Level 3

CenturyLink has agreed to acquire Colorado-based, fiber-optic network provider Level 3 Communications “for about $34 billion in cash and stock,” reports Bloomberg, “creating a more formidable competitor to AT&T in the market to handle heavy Internet traffic for businesses.” The deal gives Louisiana-based CenturyLink $10 billion in tax credits. CenturyLink chief exec Glen Post will stay CEO of the merged company, and Level 3’s Sunit Patel will serve as CFO. Both companies have been struggling against bigger names in business services. “We see this as addressing the opportunities in the enterprise business,” said Level 3 CEO Jeff Storey. Continue reading CenturyLink to Take On AT&T with $34B Purchase of Level 3