Spotify's China rival posts $127M quarterly loss after US IPO

Spotify's China-based music streaming rival Tencent Music has reported a net loss of around $127 million in its first quarter after going public in the US in December 2018. Tencent Music shares fell over 7% after hours despite reporting strong Q4 earnings. Notably, Tencent Music has been profitable at an operating level for the last two years, unlike Spotify.