Tencent Music Entertainment Group's stock plummeted 15.00% in pre-market trading on Wednesday, extending recent losses for the Chinese online music platform.

The sharp decline follows the company's release of fourth-quarter 2025 financial results, which presented a mixed picture for investors. While Tencent Music beat revenue expectations with CNY8.64 billion in Q4 revenue (up 15.9% year-over-year) and exceeded adjusted EPS estimates, the company reported declining monthly active users and faced analyst downgrades due to concerns about user metrics.

Key concerns driving the sell-off include a 5% year-over-year decline in monthly active users for online music services to 528 million, continuing a trend of user attention diversion to short-video platforms. Despite growth in paying users and average revenue per user, the declining user base and an earnings miss triggered a wave of analyst reassessments, compounding losses that had already seen the stock fall significantly in recent trading sessions.