China's Tencent posts weak revenue growth, plans to double buybacks

China's Tencent posts weak revenue growth, plans to double buybacks

FILE PHOTO: People visit a booth of Tencent during the 2022 China International Fair for Trade in Services (CIFTIS) in Beijing, China September 1, 2022. REUTERS/Tingshu Wang/File Photo

China’s Tencent Holdings posted a weaker-than-expected 7% rise in fourth-quarter revenue on Wednesday as its gaming revenue shrank, and said it was expecting to at least double its share buybacks this year.