【招银国际】Macro uncertainty to impact revenue growth and margin outlook.pdf

2022 State and Local Tax Revenue by State

Fire Up Your B2B Revenue Generation Engine

Core earnings a nice beat; Cloud revenue growth has the potential to accelerate further

–Game business weighed on revenue growth despite resilient ad and VAS business

Ad revenue growth recovery still takes time

Saving Lives While Raising Revenue

Awaiting recovery of ads revenue growth

China Technology–SMIC／Hua Hong Semi 3Q23：in-line revenue; ASP／GPM pressure to persist into 4Q23E

–Games revenue growth accelerated with solid margin expansion

2H24 preview: both revenue, NP stable HoH