Tencent Music Reports Higher Q1 Earnings, Revenues

(RTTNews) - Tencent Music Entertainment Group (TME), an online music and audio entertainment platform, Tuesday, reported higher earnings for the first quarter of 2023 on higher revenues, especially from the company's online music services which has caught up with its social entertainment services for the first time.

First quarter earnings increased to RMB 1.15 billion or $167 million from RMB 609 million last year reflecting an increase of 88.5% year over year.

Adjusted earnings were RMB 1.41 billion or $205 million an increase of 57% year from RMB 899 million in the prior year.

Adjusted earnings per ADS were RMB 0.89 or $0.13, compared to RMB 0.54 a year ago.

On average, eight analysts polled by Thomson-Reuters expected the company to report earnings of $0.11 per share for the quarter. Consensus estimates typically exclude one-time items.

Revenue increased to RMB 7 billion or $1.02 billion from RMB 6.64 billion for the same period last year, showing an increase of 5.4%.

Revenue from online music services reached RMB 3.50 billion or US$510 million, an increase of 33.8%

In premarket activity, shares of Tencent Music were trading at $7.79 down 2.14% or $0.17 on the New York Stock Exchange.