Tencent US-Listed Stock Dives as Karaoke Unit Revenue Plummets
TCEHYTENCENT(TCEHY) Investopedia·2024-08-13 23:31

Key TakeawaysTencent Music Entertainment Group posted a big decline in second-quarter revenue for its social entertainment services, which includes its karaoke app WeSing.The Chinese company also posted a drop in monthly average users.Tencent has been hurt by tough restrictions from Beijing on streaming services. American depositary receipts (ADRs) of Tencent Music Entertainment Group (TME) sank Tuesday after the Chinese music streaming service posted worse-than-expected social entertainment services revenu ...