Tencent Music earnings for the fourth quarter of 2018 has TME stock falling on Wednesday.
Tencent Music (NYSE:TME) reported earnings per share of 8 cents for the fourth quarter of the year. The company does not have earnings per share data from the previous year due to it only going public recently. The earnings per share for the quarter matches Wall Street’s estimate, but wasn’t enough to keep TME stock from falling today.
The Tencent Music earnings report for the fourth quarter of 2018 also includes a net loss of $127.00 million. This is a drop from the company’s net income of $80.06 million reported in the fourth quarter of 2017.
It’s worth noting that Tencent Music saw a one-time charge of $221.00 million during the fourth quarter of the year. This charge was due to the company paying out licensing fees to music label partners Warner Music Group and Sony Music Entertainment during the quarter.
Operating loss reported by Tencent Music for the fourth quarter of the year comes in at $141.00 million. This is down from the Chinese music streaming company’s operating income of $97.09 million reported during the same period of the year prior.
Tencent Music earnings for the fourth quarter of 2018 also includes revenue of $785.00 million. The company’s revenue from the fourth quarter of the previous year was roughly $536.30 million. This beats analysts’ revenue estimate of $779.00 million for the period, but couldn’t save TME stock today.
TME stock was down 9% as of Wednesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.