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China’s Tencent Music misses quarterly revenue estimates

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(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)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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