With just two of its 21 stocks in positive territory, the Billboard Global Music Index fell 3%.
second-quarter earnings on Tuesday
helped the company’s share price gain 7.2% to $6.53. The Chinese music streaming company, traded on both the New York Stock Exchange and the Hong Kong Stock Exchange, reported second quarter revenue of $1.01 billion and net profit of $179 million .Investors tend to react positively when companies report strong subscriber numbers and TME had good news about the surging Chinese market. TME finished the quarter with 99.
Streaming companies dropped by an average of 1%. Live music companies had an average decline of 3.1%. Record labels, publishers and distributors fell an average 4.6%. Radio and satellite broadcasters dropped by an average of 5.1%. Music stocks’ decline reflected the losses seen by stocks around the world this week. Higher bond yields have helpedand investors are increasingly looking for safer places to put cash. In the United States, the S&P 500 declined 2.1% and the Nasdaq composite fell 2.6%. In the United Kingdom, the FTSE 100 dropped 3.5%. South Korean’s KOSPI composite index fell 3.3%, the
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