Why Tencent Music Entertainment Group Was Music to Investor Ears This Week
The market very much liked what it heard coming from China's Tencent Music Entertainment Group (NYSE: TME) this week. A better-than-expected earnings report the company published on Tuesday was enough of a hit to rise the stock nearly 12% higher in price over the period, according to data compiled by S&P Global Market Intelligence.This was the final earnings release for Tencent Music's 2024, and it covered both the fourth quarter and the entirety of the year.The company's total revenue amounted to 7.46 billion yuan ($1.03 billion) for the quarter, which was more than 8% higher than the comparable period of 2023. The majority of that came from music subscriptions; these rose a robust 18% to 4.03 billion yuan ($557 million), helped in no small part by a 13% increase in the count of paying users. Continue reading
The market very much liked what it heard coming from China's Tencent Music Entertainment Group (NYSE: TME) this week. A better-than-expected earnings report the company published on Tuesday was enough of a hit to rise the stock nearly 12% higher in price over the period, according to data compiled by S&P Global Market Intelligence.
This was the final earnings release for Tencent Music's 2024, and it covered both the fourth quarter and the entirety of the year.
The company's total revenue amounted to 7.46 billion yuan ($1.03 billion) for the quarter, which was more than 8% higher than the comparable period of 2023. The majority of that came from music subscriptions; these rose a robust 18% to 4.03 billion yuan ($557 million), helped in no small part by a 13% increase in the count of paying users.
