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Tencent Music Stock Drops More Than 10% Following Mixed Earnings Report
Tencent Music (TME) stock dropped 10.29 percent on Wednesday (March 20), following the Chinese tech giant's first quarterly earnings report since going public in the U.S.
The report was a mixed bag, noting revenue for the fourth quarter ended Dec. 31 was up 50 percent year-over-year to RMB 5.40 billion ($785 million). But operating loss also grew and monthly user growth was at just 6.8 percent for mobile monthly active users on online music services year-over-year, up to 644 million.
Tencent Music's music assets include QQ Music, Kugou Music, and Kuwo Music.
Wednesday's disappointing trading followed significant growth on Tuesday, presumably in anticipating of the earnings report, with TME shares peaking at $19.80 midday before dropping to $18.57 at the closing bell. From there, shares fell 6.84 percent overnight, opening Wednesday at $17.30 -- before dropping to $16.66 at close on Wednesday.
At time of publishing, Wednesday after hours trading was steady hovering around that closing price.