What's Up With Tencent Music's Stock Hitting Another New 52-Week Low Today?

Tencent Music Entertainment Group – ADR TME shares are trading lower by 12.3% at $7.82 Tuesday morning after the company reported worse-than-expected second-quarter sales results.

Tencent Music Entertainment Group reported quarterly earnings of 10 cents per share which met the analyst consensus estimate. The company also reported quarterly sales of $1.24 billion which missed the analyst consensus estimate of $1.26 billion.

"We would like to reiterate that TME sincerely accepts the decision issued in July by the regulator pertaining to exclusive music licensing arrangements. We are committed to fully complying with all requirements in a timely manner. While we expect some impact to our business operations as a result of this decision, we remain steadfast in our ongoing goals of fostering innovation, fulfilling our social responsibilities, providing users with better services and promoting the long-term, healthy development of the digital music industry," said Mr. Cussion Pang, Executive Chairman of Tencent Music.

Tencent Music Entertainment Group is an online music entertainment platform in China. Its platform comprises online music, online karaoke and music-centric live streaming services, supported by content offerings, technology and data.

Tencent Music Entertainment Group has a 52-week high of $32.25 and a 52-week low of $7.63.