Stock Track | Tencent Music Plunges 5.15% in Pre-market as Q2 Revenue Misses Estimates

Stock Track08-11 19:11

Shares of Tencent Music Entertainment Group (TME) plunged 5.15% in pre-market trading on Tuesday after the company reported second-quarter financial results that fell short of analyst revenue expectations.

The company posted non-IFRS earnings of 1.70 Chinese renminbi per diluted ADS, surpassing the consensus estimate of 1.64 renminbi. However, total revenue of RMB8.93 billion (US$1.32 billion) missed the analyst consensus of US$1.35 billion, despite a 5.8% year-over-year increase. The revenue miss was the primary catalyst for the sell-off, as investors focused on the weaker-than-expected top-line performance.

Music-related services revenue grew 11.0% year-over-year, driven by membership services and offline performance-related services, while social entertainment services revenue continued to decline by 16.4%. The company also highlighted its acquisition of Ximalaya and an active share repurchase program, but these were overshadowed by the revenue shortfall.

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