The Chinese gaming and social media company on Thursday reported a sharp drop in net profit for the last quarter of the year. It came in at 14.3 billion yuan ($2.1 billion), a 32% plunge from the same period a year earlier and below analysts' estimates. Tencent TCEHY Tencent Music TME said the sharp fall in profit was mainly due to costs related to the US listing of its streaming music subsidiary,, in December. last year with a bang, with its shares soaring to a record high in January 2018. Revenue rose 28% to 84.9 billion yuan ($12.7 billion) from a year earlier.

Source: CNN March 21, 2019 12:45 UTC