TME - Why Is Tencent Music Stock Trading Higher on Monday? | Benzinga
Tencent Music Entertainment Group (NYSE:TME) reported a fiscal first-quarter 2024 revenue decline of 3.4% year-over-year to $937.0 million (6.77 billion Chinese yuan), beating the analyst consensus estimate of $917.6 million.
The decline reflected a fall in revenues from social entertainment services, partially mitigated by strong year-over-year growth in revenues from online music services.
China’s leading online music and audio entertainment platform’s adjusted EPADS of $0.15 (CNY1.09) beat the analyst consensus estimate of $0.14.
Key Metrics: Monthly active users (MAUs) for online music declined by 2.4% year over year to 578 million, and mobile MAUs for social entertainment decreased by 28.7% year over year to 97 million.
The monthly average revenue per user (ARPPU) for online music grew by 15.2% year over year to CNY10.6, Monthly ...