Tencent Music stock was taking a beating on Wednesday after the streamer's first IPO report to investors. Tencent Music had posted a $127 million loss. As of early afternoon, TME was trading on the New York Stock Exchange at $6.86 USD, down $1.71 or 9.21%.
Investors were not happy, even thought the company had forecast the loss caused by a one time $221 million stock issuance to Warner Music Group and Sony Music Entertainment.
More details: Tencent Music Posts $127M Loss, 664M Monthly Active Users
[from https://ift.tt/1n4oGj7]
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