Why Tencent Music Stock Plunged Today
Shares of Tencent Music Entertainment Group (NYSE: TME) fell 12% on Tuesday after the online music platform reported its second-quarter financial results.
Tencent Music's revenue rose 15.5% year over year to $1.2 billion. The gains were driven by a 40.6% surge in online music paying users, to 66.2 million, which fueled a 36.3% increase in revenue from music subscriptions, to $277 million.
"Our strong momentum in online music monetization was supported by solid subscriptions and advertising revenue growth," executive chairman Cussion Pang said in a press release.
Source Fool.com
