Shares of Tencent Music Entertainment () lost 23% of their value in May 2019, . A solid first-quarter report failed to support the stock price of the Chinese music streamer, and concurrent with the report, the company also announced it was losing a top executive. Taken together, these two events in a single day.
In Q1, Tencent Music’s sales rose 39% year over year, landing at 5.74 billion renminbi. In U.S. dollars, that’s roughly $830 million at today’s exchange rates. Adjusted earnings came in at $0.11 per American Depositary Share, roughly even with the year-ago result. The average analyst was expecting earnings near $0.10 per ADS on revenues of about $850 million.
Tencent Music is