Tencent Music Stock Falls 15% on Declining Revenue, Monthly Active Users ...Middle East

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Tencent Music Stock Falls 15% on Declining Revenue, Monthly Active Users
Tencent Music Entertainment’s stock fell by 15% on Tuesday after declines in the leading Chinese music streamer’s quarterly revenue and monthly active users overshadowed higher profit and paid subscriber gains. TME’s revenues of RMB7.16 billion ($985 million) edged 1.7% lower this quarter from the year-ago quarter, and monthly active users for online music services fell by 3.9%. Mobile monthly active users of social entertainment fell by 31.6% in the second quarter ending June 30 compared to the second quarter in 2023. TME executives remained upbeat about their ongoing efforts to convert free users to paid subscri

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