Article on China’s economy forwarded by Tencent CEO Pony Ma sparks heated discussion

An article on the Chinese economy published by a WeChat official account was widely shared with users on May 21. Afterwards, some national media reported that Tencent CEO Pony Ma had also forwarded the article and posted a comment saying that “the description is so vivid.” A screenshot of this post was leaked, sparking a heated discussion among domestic netizens.

The paragraph described as “alive” by Pony Ma reads, “The way some netizens care about the economy is: Companies can go bankrupt, but they can’t lay off employees, or employees don’t have to no overtime. As for what the Chinese economy is? They don’t understand or care. The only things they care about are chips and the so-called “Hard & Core technology.” As for areas of daily life such as food, clothing, housing and transport, they seem too vulgar and unimportant.However, if these Internet users order food delivery and the service is ten minutes late , they will reprimand the food deliverers harshly, harsher than anyone else.

A few days ago, Tencent released its first quarter financial report, revealing unsatisfactory results. Under the multiple influences of pandemic, regulation and other factors, the growth of TencentGaming and advertising businesses are weak, and net profit has declined for three consecutive quarters.

SEE ALSO: Tencent’s non-IFRS Q1 net profit declines 23% YoY

The financial report shows that in the first quarter, TencentRevenue was 135.5 billion yuan ($20.3 billion), which was essentially the same as 135.303 billion yuan in the first quarter of last year. On an IFRS basis, its net profit was 23.4 billion yuan, down 51% year on year, while on a non-IFRS basis, net profit was 25.5 billion yuan, down 51%. 23% over one year.

Regarding the decline in net profit, Tencent management said it would not adjust the cost structure lightly due to pressure from short-term factors, but would continue to control costs based on clear cost optimization priorities . One obvious measure is the contraction in recruitment. In the first trimester, TencentThe number of new employees totaled only 3,442, showing a slower hiring trend.

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