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China’s Tencent Music revenue misses estimates, share fall 4%

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(Reuters) – China’s Tencent Music Entertainment Group on Monday missed quarterly revenue estimates as it reported the slowest increase in a widely-watched metric for growth since its debut, sending the shares of media streaming company down 4%.

Monthly average revenue per user from its social entertainment services rose 16.5% to 130.2 yuan ($18.45), the slowest growth since it went public in December last year.

Although Tencent’s music streaming services have more users, its biggest revenue drivers are its social entertainment services – Karaoke platform ‘WeSing’ and ‘Kugou Live’ and ‘Kuwo Live’ – where users can live stream concerts and shows.

Overall 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 for the quarter ended June 30 compared with 903 million yuan a year earlier.

Excluding items, it earned 0.67 yuan per American depositary share, above the average analyst estimate of 0.61 yuan.

Shares of the company, which have risen 9.2% so far this year, fell to $13.80 in extended trading.

(Reporting by Ayanti Bera in Bengaluru and Pei Li in Beijing; Editing by Arun Koyyur)

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

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