China’s Tencent Music misses quarterly revenue estimates

44

(Reuters) – China’s Tencent Music Entertainment Group missed Wall Street estimates for quarterly revenue on Monday, sending shares of the music streaming company down 11% in extended trading.

Revenue rose to 5.90 billion yuan ($835.95 million) from 4.50 billion yuan a year earlier, but missed estimates of 5.95 billion yuan, according to IBES data from Refinitiv.

The company, controlled by Chinese tech giant Tencent Holdings Ltd, reported net income of 928 million yuan ($131.49 million) for the quarter ended June 30 compared with 903 million yuan a year earlier.

(Reporting by Ayanti Bera in Bengaluru; Editing by Arun Koyyur)