Tencent reported its first year-on-year revenue decrease on Wednesday, earning 3% less in the second quarter of 2022 at RMB 134 billion ($20 billion), and failing to hit the consensus estimate of RMB 134.6 billion, according to CNBC. Revenue from value-added services and online advertising fell 0.5% and 18.4% from last year, respectively, while fintech and business services grew 0.8% in a year, rising to RMB 42.2 billion in the second quarter. Profit attributable to equity holders of the firm was RMB 18.62 billion, a yearly decline of 56%. Monthly active users of its popular chatting app WeChat and its Chinese version Weixin hit a combined 1.3 billion by the end of June, representing a 3.8% growth compared to last year. Paid subscriptions also saw a 2.3% yearly growth to 234.7 million in the same period. “During the second quarter, we actively exited non-core businesses, tightened our marketing spending, and trimmed operating expenses, enabling us to sequentially increase our non-IFRS earnings, despite difficult revenue conditions,” said Pony Ma, chairman and CEO of Tencent. He added that the firm will focus on improving efficiency and launching new revenue initiatives, including in-feed advertisements on Weixin’s video channel. [Tencent, press release]