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Tencent
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Tencent (700 HK): 4Q22, Stop Decreasing WeChat Ad Recovered Earlier
Equity Bottom-Up
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22 Mar 2023 15:55
As we expected, total revenue stop decreasing in 4Q22. WeChat advertising recovered earlier than we expected. We believe game-related revenues will grow by 8% in 2023 and 19% in 2024.
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