Tencent Music's Q2 earnings report

Tencent Music Q1: Revenue at $937M, Profit Up 27.5%, Beats Estimates

May 13, 2024, 10:25 AM

Tencent Music Entertainment Group reported its Q1 earnings, revealing a revenue of $937 million, a 3.4% decrease from the previous year, primarily due to declines in social entertainment services. Despite this, the company saw a 27.5% increase in profit to $212 million. The music subscription segment notably grew by 39.2%, generating $501 million and reaching 113.5 million paying users. Analysts had predicted earnings of 14 cents per share and revenue of $916.95 million, but Tencent Music surpassed these revenue estimates.