Tencent Holdings (0700. HK), the Chinese gaming and social media behemoth posted practically no increase in first-quarter revenue, its worst-ever such performance, and also missed market projections as China’s economic downturn and a ban on new game licenses impacted its operations.

According to Refinitiv, revenue totaled 135.5 billion yuan ($20.08 billion) in the March quarter, compared to 135.3 billion yuan in the same quarter last year, and fell short of the average expectation of 141 billion yuan from 16 analysts.

Tencent, which generates much of its money from making games like ‘Honour of Kings’ and ‘Call of Duty Mobile,’ reported a 51 percent drop in earnings attributable to equity investors for the quarter. According to Refinitiv statistics, this is the worst earnings decrease since the business went public in 2004.

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The decreasing rate of growth follows two-quarters of declining sales. Tencent, China’s most valuable corporation, has seen its development potential limited by Beijing’s legislative push to limit the dominance of huge internet firms.

The Shenzhen-based digital behemoth has been hurt by the normalization of user spending on games following a two-year rise. Meanwhile, a COVID-19 revival in China has hampered payment activity.

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