Stock Track | Tencent Music Plummets 9.08% Intraday as Company Halts Key User Data Reporting and Faces User Decline

Stock Track03-19 09:30

Tencent Music Entertainment Group's (TME-SW) stock plummeted 9.08% during intraday trading on Thursday, extending a recent period of significant volatility for the music streaming giant.

The sharp decline follows the company's announcement that it will cease reporting crucial quarterly operational metrics, including online music monthly active users, number of paying users, and average revenue per paying user (ARPPU). This decision has sparked investor concern and market panic, overshadowing otherwise strong financial results. Underlying the move is a persistent decline in the core user base, with monthly active users for its online music service falling for 17 consecutive quarters.

Adding to the negative sentiment, JP Morgan downgraded Tencent Music from "Overweight" to "Neutral," dramatically slashing its target price. The bank cited a shift in the company's investment narrative from a clear growth story centered on subscriptions to a more ambiguous "multi-engine growth story," requiring the market time to reassess its valuation.

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