LogIn"We have found ourselves at a loss, as our competitors continue to produce new products, leaving us feeling having achieved nothing."
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At Tencent's annual meeting on Monday, Co-Founder and CEO Pony Ma stated that the company's game business, comprising over 30% of its revenue, faced tough competition and underperformed last year.
"Gaming is our flagship business...But in the past year, we have faced significant challenges,” Ma stated (via Reuters). "We have found ourselves at a loss, as our competitors continue to produce new products, leaving us feeling having achieved nothing."
Adding to that, despite the continued success of older hits like Honor of Kings and PUBG Mobile, Ma reportedly stated that Tencent's most recent games didn't manage to meet the company's internal expectations. He also mentioned that the company had been lagging behind in AI technology until recently, but is now able to keep up with the pace set by top competitors.
Recently, Tencent's subsidiary Riot Games laid off 530 employees and shut down its third-party publishing label Riot Forge. If you want to learn more, you can take a look at our latest article.
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