Shares of China-based online music and audio entertainment platform Tencent Music Entertainment Group (TME) was trading 3.4% lower at the time of writing after the company’s second-quarter 2021 revenues missed estimates. Tencent provides live music streaming services through its applications like WeSing, Kuwo Music, Kugou Music and QQ Music. The company reported adjusted earnings per share (EPS) of $0.10, in line with the Street’s estimate. Total revenues increased 15.5% year-over-year to $1.24 billion, falling marginally short of analysts’ expectations of $1.26 billion. Revenues from online music services rose 32.8% year-over-year to $457 million on the back of strong growth in advertising service revenues and music subscription revenues.
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