Tencent Music Shares Drop on Q2 Earnings Miss

Tencent Music Shares Drop Following Q2 Earnings Miss

Tencent Music Entertainment Group saw its shares fall by 6.4% in premarket trading after reporting earnings for the second quarter that did not meet analysts' expectations. The Chinese music streaming powerhouse posted adjusted earnings per American Depositary Share (ADS) of RMB1.07 ($0.15), falling short of the anticipated RMB1.10. Despite this, revenue was slightly above expectations at RMB7.16 billion ($985 million), just surpassing the forecasted RMB7.15 billion.