Why Tencent Music Entertainment Stock Dived by Nearly 12% Today
The Asia-based company posted its second-quarter results early Tuesday.
Overview
Tencent Music Entertainment Group (NYSE: TME) produced a cacophony on the stock market on Tuesday. The China-based company unveiled its latest set of quarterly results, which fell short of analyst expectations. Clearly not in a forgiving mood, market players traded Tencent Music's shares down by almost 12% that day in reaction.
Tuesday morning, Tencent Music revealed that total revenue for its second quarter was 8.93 billion yuan ($1.32 billion), up nearly 6% year over year. The company's core business, music-related services, contributed 7.61 billion yuan ($1.13 billion) and was the driver of overall growth, with an 11% improvement over the year-ago period.
Image source: Getty Images.
Details
Source
Originally published at www.fool.com.