Shares of Tencent Music Entertainment Group (NYSE: TME) plummeted over 6% in pre-market trading on Monday, following the company's release of its third-quarter earnings report. While Tencent Music's revenue beat analysts' expectations, the company's adjusted earnings per share (EPS) fell short, missing the consensus estimate by 5.88%.
The music streaming giant reported an adjusted EPS of $0.16, up 33.33% from the same period last year, but lower than the analyst consensus estimate of $0.17. Revenue for the quarter reached $1 billion, an 11.11% increase year-over-year and exceeding the estimated $980.86 million.
The earnings miss, despite the strong revenue performance, appears to have dented investor confidence in the company's ability to translate its top-line growth into profitability. Market participants may also be concerned about the potential impact of increased competition and regulatory pressures on Tencent Music's future earnings growth.
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