TAIPEI—China’s tech giants are feeling the pinch of an economic slowdown, adding financial pressure to an industry beset by a bevy of new regulations this year.
Some of China’s largest tech companies have attributed weaker July-September revenue growth to deteriorating macroeconomic conditions. Social-media and videogaming giant Tencent Holdings Ltd. ’s quarterly sales grew at their slowest pace since the company went public in 2004. Online delivery firm Meituan said growth of food delivery orders decelerated. Search-engine company Baidu Inc. reported a slowdown in advertising, while e-commerce giant Alibaba Group Holding Ltd. cut its growth forecast for the fiscal year.
