Tencent Music misses Q1 revenue estimates as shares fall

REUTERS: China's Tencent Music Entertainment Group missed Wall Street estimates for quarterly revenue on Monday as the COVID-19 pandemic impacted the company's social entertainment services business, sending its shares down 4.5 per cent in extended trade.

"While acknowledging the impact on our social entertainment services from the COVID-19 pandemic, we have started to see a moderate recovery recently," Chief Executive Officer Cussion Pang said in a statement. Paid users of the company's online music service jumped 50.4 per cent to 42.7 million in the quarter.Spotify's paid music subscribers surged to 130 million in the first quarter, as its business model proved more resilient than expected amid the coronavirus lockdowns.

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