Shares of Tencent Music Entertainment Group (TME) declined 17% on Tuesday. The company reported higher fourth-quarter earnings and revenue.
The stock is currently trading at $12.54, down $2.55 or 16.90%, on the NYSE. It opened at $12.81 after closing the previous session at $15.09. The stock has traded between $11.71 and $26.70 over the past 52 weeks.
Tencent Music reported fourth-quarter net income of RMB2.203 billion, or RMB1.41 per share, compared with RMB1.957 billion, or RMB1.26 per share, in the same period last year.
Excluding items, adjusted earnings were RMB2.485 billion, or RMB1.60 per share.
Revenue increased 15.9% to RMB8.641 billion from RMB7.458 billion a year earlier.
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