Tencent released its 2022 second-quarter results last week and the headlines sounded pretty dire. “Tencent woes mount even after US$560b selloff” – The Business Times “Tencent’s workforce shrinks for first time in nearly a decade” – Bloomberg “Tencent, the $370 billion Chinese tech giant, posts first ever revenue decline” – CNBC If you’re just reading these headlines in isolation, you might think that Tencent is in dire straits. But that’s really not the case. On closer inspection, I think there a number of positives to take away from Tencent’s latest results. Revenue growth will probably return after China’s lockdowns ease Tencent’s revenue was down 3% to US$20 billion in the second quarter of 2022. This was the first time Tencent reported a decline in revenue but this shouldn’t have been a surprise. Most of Tencent’s revenue is derived in China and in the bulk of the second quarter of 2022, parts of China were still in COVID lockdowns....