Tencent Music Soars After Strong Q2 Earnings Beat Projections
Tencent Music Soars After Strong Q2 Earnings Beat Projections
Tencent Music Entertainment Group (TME) saw its shares surge 16% following the announcement of its robust second-quarter results, which significantly surpassed analyst expectations for both revenue and profit. The impressive performance was largely driven by a substantial increase in subscriber growth across its online music services.
The company reported total revenue of 8.44 billion Chinese yuan (approximately $1.18 billion), marking an 18% increase compared to the same period last year. The online music services segment was a key contributor, experiencing over 26% growth.
Net profit attributable to shareholders reached 2.57 billion yuan, representing a remarkable 37.4% year-over-year jump. This outperformed a Reuters poll that had estimated revenue at 7.98 billion yuan and profit at 2.29 billion yuan.
Cussion Pang, executive chairman at TME, highlighted the diversified growth, stating, “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.”
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