US-listed shares of Tencent Music down as quarterly revenue falls

Tencent Music Entertainment

13/08/2024 10:49

** U.S.-listed shares of Tencent Music Entertainment 
 1698.HK  fall 5.6% to $12.40 in premarket trading
    ** TME's total Q2 revenue fell 1.7% to 7.16 billion yuan 
($998.73 million), compared with 7.29 billion yuan a year
earlier
    ** Q2 revenue beat LSEG estimates of 7.14 billion yuan
    ** Co's social entertainment unit posted 42.8% fall in
revenue to 1.74 billion yuan
    ** The continued decrease was mainly the result of
adjustments to certain live-streaming interactive functions and
more stringent compliance procedures we started to implement in
the second quarter of 2023, as well as increased competition
from other platforms - TME
    ** Up to last close, stock had risen 45.7% YTD


($1 = 7.1691 Chinese yuan renminbi)

 (Reporting by Harshita Mary Varghese in Bengaluru)
 ((HarshitaMary.Varghese@thomsonreuters.com))