Why Tencent Music Entertainment Plunged Today
Shares of Tencent Music Entertainment (NYSE: TME) fell hard Tuesday, declining 9.2%.
The company reported fourth-quarter results on Tuesday morning, and while it beat analysts' expectations on the revenue side, its top line still declined by 2.4% year over year to $1.08 billion. Its adjusted (non-GAAP) earnings per American depository share of $0.13 were in line with expectations. And in the wake of a share price run-up since mid-November that saw the stock more than double, it appears investors were ready at this point to lock in some of their profits.
While Tencent Music's stock may have disappointed Tuesday, the company has impressively navigated through the macroeconomic headwinds in China this year.
Source Fool.com
