Tencent Music (TME) Soars to a 7-Day Run as Earnings Impress
Tencent Music extended its winning streak to a 7th consecutive day on Tuesday, jumping 11.85 percent to close at $25.39 apiece as investors cheered its strong earnings performance in the second quarter of the year.
In its updated report, Tencent Music Entertainment Group (NYSE:TME) said net income attributable to shareholders jumped by 43 percent to 2.4 billion yuan from 1.68 billion yuan in the same period last year.
Revenues increased by 18 percent to 8.4 billion yuan from 7.16 billion year-on-year, primarily due to strong growth in revenues from online music services, which partially offset the decline in revenues from social entertainment services.
In the first half, attributable net income expanded by 116 percent to 6.7 billion yuan from 3.1 billion yuan year-on-year, while revenues grew by 13.4 percent to 15.8 billion yuan from 13.9 billion yuan in the same comparable period.
Photo by Caught In Joy on Unsplash
'We delivered high-quality growth in the second quarter, achieving solid year-over-year increases in both revenue and profitability. While our music subscription business remained a core growth driver, our expanding suite of music-related services—including advertising, concerts, and artist merchandise—showed impressive momentum. As we continue to scale our platform, we are focused on building a vibrant, one-stop music service destination that empowers content creators and reshapes connections with music lovers in meaningful ways,' said Tencent Music Entertainment Group (NYSE:TME) Executive Chairman Cussion Pang.
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