Fin24

Naspers slides after Tencent tumbles

2012-11-15 19:38

Johannesburg - Shares of Naspers [JSE:NPN] dropped 3.4% to R535.50, tracking a 7% tumble in China's Tencent Holdings, which is 34% owned by Naspers.

Tencent, China's biggest online gaming and social networking company, surprised the market with a rare earnings miss after the close of trade on Wednesday, as efforts to expand into new businesses hit margins and the number of its fee-paying Internet users fell.

Naspers' Asia business, which includes Tencent, currently makes up about 22% of its revenue, according to Thomson Reuters data.

* Fin24 is a Naspers publication.