Tencent Music Entertainment Q4 Profit Rises, Revenues Down

(RTTNews) - Tencent Music Entertainment Group (TME) reported Tuesday that its fourth-quarter net profit attributable to equity holders of the company was RMB1.31 billion or $184 million, up 13.5% from last year's RMB1.15 billion.

Earnings per American Depositary Shares or ADS were RMB0.83 or $0.12, up from RMB0.72 in the same period of 2022.

Adjusted net profit attributable to equity holders was RMB1.58 billion or $222 million, compared to RMB1.44 billion a year ago. Adjusted earnings per ADS were RMB1.00 or $0.14, compared to RMB0.91 last year.

The online music and audio entertainment platform in China reported total revenues of RMB6.89 billion or $971 million, down 7.2 percent from RMB7.43 billion in the same period of 2022.

Total revenue decrease was mainly due to the decline in revenues from social entertainment services and others, despite growth in revenues from online music services.

Revenues from music subscriptions were RMB3.42 billion or $481 million, representing 45.3% year-over-year growth.

In pre-market activity on the NYSE, Tencent Music shares were gaining around 2 percent to trade at $10.58.

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