US-listed shares of Tencent Music down after Q3 revenue miss

Tencent Music Entertainment

12/11/2024 10:37

** U.S.-listed shares of Tencent Music Entertainment
 1698.HK   TME.N  fall 5.4% to $10.93 premarket
    ** Company misses Q3 revenue estimates, as Beijing's
crackdown on online gambling continues to impact its social
entertainment segment
    ** Q3 revenue rises 6.8% YoY to 7.02 bln yuan ($970.23 mln),
but misses analysts' avg. est. of 7.04 bln yuan, as per data
compiled by LSEG
    ** Q3 revenue from company's social entertainment services
business, which includes karaoke app WeSing and live concert
platform Kuwo Music, falls 23.9%
    ** Revenue at its online music unit rises 20.4%, after
paying users increase 15.5% to 119 mln
    ** Avg. rating of brokerages is "buy"; median PT is $14.38 -
LSEG data
    ** As of last close, stock up 28.2% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))