Tencent Music Entertainment Group TME results came in slightly below Wall Street expectations on Monday. U.S. shares of the China-based music-streaming platform initially dipped 6% after hours and were break-even at last check, following a 1.5% rise in the regular session to close at $30.87. The company reported fourth-quarter net income of 1.21 billion renminbi, or 11 cents per American Depositary Share, compared with 1.04 billion renminbi in the year-ago period. Adjusted earnings were 12 cents per ADS. Revenue increased 14% to 8.34 billion renminbi, or $1.28 billion, from the year-ago quarter. Analysts surveyed by FactSet had forecast 13 cents per ADS on revenue of $1.29 billion. Additionally, Tencent announced a multi-year licensing agreement with Warner Music as well as forming a joint-venture music label with Warner in China.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.