Music Business

Tencent Music [NYSE: TME] Stock Fell 11% Wednesday

Arrow red upUPDATE 2: Tencent Music [TME] stock took a hit Wednesday after the streamer's first post-IPO report to investors included a $127 million quarterly loss. Tencent stock closed Wednesday at $16.66 USD, down $1.91 or 10.29% and fell another 1% in after hours trading.

Tencent music

Investors were not happy, even though the company had forecast the loss caused by a one time $221 million stock issuance to Warner Music Group and Sony Music Entertainment.

More details: Tencent Music Posts $127M Loss, 664M Monthly Active Users

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