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China's Tencent Music misses quarterly revenue estimates

Credit: REUTERS/Bryan Smith

China's Tencent Music Entertainment Group missed Wall Street estimates for quarterly revenue on Monday, sending shares of the music streaming company down 11% in extended trading.

Aug 12 (Reuters) - China's Tencent Music Entertainment Group TME.N missed Wall Street estimates for quarterly revenue on Monday, sending shares of the music streaming company down 11% in extended trading.

Revenue rose to 5.90 billion yuan ($835.95 million) from 4.50 billion yuan a year earlier, but missed estimates of 5.95 billion yuan, according to IBES data from Refinitiv.

The company, controlled by Chinese tech giant Tencent Holdings Ltd 0700.HK, reported net income of 928 million yuan ($131.49 million) for the quarter ended June 30 compared with 903 million yuan a year earlier.

($1 = 7.0578 Chinese yuan renminbi)

(Reporting by Ayanti Bera in Bengaluru; Editing by Arun Koyyur)

((Ayanti.Bera@thomsonreuters.com; within U.S.+1 646 223 8780, outside U.S. +91 80 6749 0341;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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