11:20 AM EDT, 08/13/2024 (MT Newswires) -- (Updates with latest stock movement in the headline and first paragraph.)

Tencent Music Entertainment Group ( TME ) shares dropped nearly 16% in recent Tuesday trading after the company reported lower Q2 revenue.

Tencent reported Q2 earnings premarket of 1.07 Chinese renminbi ($0.15) per diluted American depositary share, up from 0.82 renminbi a year earlier.

Four analysts polled by Capital IQ expected 0.99 renminbi.

Revenue for the quarter ended June 30 was 7.16 billion renminbi, down from 7.29 billion renminbi a year earlier.

Analysts surveyed by Capital IQ expected 7.14 billion renminbi.

Price: 11.03, Change: -2.10, Percent Change: -15.99