China’s Tencent Music misses quarterly revenue estimates
(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)
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