Tencent Doubles Buybacks to Over $12.8 Billion as Sales Miss, Q4 Profit Slumps

Tencent Holdings Ltd. plans to double its stock buyback program to at least $12.8 billion in 2024 after reporting a lower-than-expected 7% rise in revenue, with gaming sales disappointing, particularly in China. The move aims to mollify investors concerned about a gradual dissipation of growth during a Chinese economic downturn. Tencent faces challenges in retaining paid subscribers for its video and music streaming services, and its cloud computing arm is engaged in a price war with Alibaba and JD. The company is also seeking its next big hit in the gaming sector amidst regulatory uncertainties.