Tech stocks in Hong Kong led declines in the city Monday, with the Hang Seng Tech Index falling as much as 3.6%.
In a call after reporting a 37% rise in second-quarter net profit, executives tried to soothe market sentiment and said the company was in the process of seeking further clarification from relevant parties.
Trump's executive order against WeChat forces the platform to end all operations in the United States and bans Americans doing business with it.
Despite stating at the outset it wouldn't get into hypotheticals, Tencent fielded question after question revolving round the ban, which wiped $66 billion off the company's market value after it was announced last week. Executives said several times they were still figuring out how the order would be applied.
"2020 will be a big year for Tencent games", China Merchants Securities analyst Leo Liu said.
Sales rose to 114.9 billion yuan (S$22.6 billion) in the three months ended June, versus the 112.4-billion-yuan average forecast. That would mean suspending updates or even blacking out a service vital to communications on the factory floor, in households and the boardroom.
Heightened usage of Tencent's digital services driven by Covid-19 may boost the company's earnings in the coming quarters.
Tencent's online game business has also been bouncing back over the past year after China lifted a freeze on approval of new game titles that was in effect for most of 2018 and put a major damper on the industry.
Media advertising revenues fell by 25% however, "as a result of weak brand advertising demand amid the challenging macro environment", and delayed content production and releases. Tencent holds several investments in USA video game, sports and media companies.
The U.S. accounts for less than 2% of Tencent's total revenue, said James Mitchell, chief strategy officer, and likely less than 1% of total advertising revenue.
It is unclear how they will respond to the USA threat, but analysts have warned that it could have a detrimental impact on companies such as Apple, which could suffer a hit to iPhone sales of up to 30pc in China if a ban is imposed.
New titles like Brawl Stars drove a 40% surge in online gaming revenue during the quarter - its big- gest increase since 2017. It is driving talks to merge US-listed Huya Inc and DouYu International Holdings Ltd to create a Twitch-like US$10 billion local leader in games streaming.
Tencent did not address the sanctions in its outlook.