China's Tencent Music revenue misses estimates, share fall 4%
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FILE PHOTO: Tencent Music Entertainment celebrate the company's IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 12, 2018. REUTERS/Bryan R Smith/File Photo
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(Reuters) - China's Tencent Music Entertainment Group (NYSE: TME) on Monday missed quarterly revenue estimates as it reported the slowest increase in a widely-watched metric for growth since its debut, sending the shares of media streaming company down 4%.
Monthly average revenue per user from its social entertainment services rose 16.5% to 130.2 yuan ($18.45), the slowest growth since it went public in December last year.
Although Tencent's music streaming services have more users, its biggest revenue drivers are its social entertainment services - Karaoke platform 'WeSing' and 'Kugou Live' and 'Kuwo Live' - where users can live stream concerts and shows.
Overall revenue rose to 5.90 billion yuan ($835.95 million) from 4.50 billion yuan a year earlier, but missed estimates of 5.95 billion yuan, according to IBES data from Refinitiv.
The company, controlled by Chinese tech giant Tencent Holdings Ltd <0700.HK>, reported net income of 928 million yuan for the quarter ended June 30 compared with 903 million yuan a year earlier.
Excluding items, it earned 0.67 yuan per American depositary share, above the average analyst estimate of 0.61 yuan.
Shares of the company, which have risen 9.2% so far this year, fell to $13.80 in extended trading.
(Reporting by Ayanti Bera in Bengaluru and Pei Li in Beijing; Editing by Arun Koyyur)
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