(Reuters) –China‘s Tencent Music Entertainment Group on Monday reported quarterly revenue in line with estimates, supported by growth in paying users on its Spotify-like music streaming platform.
U.S.-listed shares of the company fell 9.3% in extended trading.
Total revenue of the Tencent Holdings-controlled company decreased 8.7% to 7.61 billion yuan ($1.19 billion) in the fourth quarter.
Net profit attributable to equity holders of the company fell to 536 million yuan from 1.20 billion yuan in the same period a year ago. ($1 = 6.36 Chinese yuan renminbi)
(Reporting by Yuvraj Malik in Bengaluru; Editing by Devika Syamnath)
