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In 50 Words: Naspers’ annual profit drops 78% amid Tencent decline
Technology investor Naspers reported a 78% decrease in annual profit due to a decline in contributions from Chinese tech giant Tencent, which accounts for most of its earnings and revenue. Naspers’ headline earnings per share from ongoing operations fell to 119 US cents for the year ending March 31, down from 547 cents YoY.
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