Tencent Music meets profit estimates in first earnings report, shares fall

📆 20/03/2019 03:45:00
📰 Reuters

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China-based music streaming company Tencent Music Entertainment Group on Tuesday...

Tencent Music Entertainment company is seen officially listed on the floor of the New York Stock Exchange in New York, U.S., December 12, 2018. REUTERS/Bryan R Smith

The company’s shares, which have gained about 43 percent since their market debut in December, fell 6.3 percent to $17.36 in extended trading. The company reported a net loss of 875 million yuan for the fourth quarter due to a one-off share-based accounting charge. Tencent Music, in which its Swedish competitor Spotify Technology SA owns a stake, said full-year profit was 1.83 billion yuan.

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