Categories Earnings, Technology

Tencent Music Q1 profit jumps 17%, beats estimates

Tencent Music Entertainment Group (TME) reported a 17.4% jump in earnings for the first quarter of 2019 helped by product innovation, content diversification, and technological advancement. Both online music and social entertainment services maintained a healthy growth trajectory. The results exceeded analysts’ expectations.

Net profit attributable to equity holders grew by 17.4% year-over-year to $147 million. Excluding items, non-IFRS net profit attributable to equity holders increased by 14.9% to $179 million. Earnings per American Depositary Shares (ADS) were $0.09 for the first quarter and non-IFRS earnings excluding items were $0.11 per ADS.

Total revenues jumped by 39.4% year-over-year to $855 million. This was driven by higher revenue from online music services as well as an increase in revenue from social entertainment services.

Revenue from online music services climbed by 28% helped by increased revenues from user subscriptions, sublicensing music content to third-party platforms to other companies, including third-party music platforms and Tencent Group, and sales of digital music albums to users. Revenue from social entertainment services and others soared by 44.3% driven by the revenue growth in both the company’s online karaoke and live streaming services.

During the first quarter, the number of Mobile Monthly Active Users (MAU) for the online music service advanced 4.6% year-over-year to 654 million, while the Mobile MAU for social entertainment moved up 0.4% to 225 million. While the Mobile average revenue per paying user (ARPPU) for the social entertainment segment rose sharply by 28.1%, online music Mobile ARPPU dropped 1.2%.

Also read: Apple Q2 earnings report

During the past few quarters, Tencent Music has constantly expanded its online music subscriber base while steadily increasing its subscriber retention rate. As users increasingly consume music content through streaming services, the company is riding on this trend to gradually transition into a pay-for-streaming model over the coming years.

The company believes that its strong profitability and cash flow will enable it to continue investing in its products and content offering. These investments could help to expand its user base and improve user engagement, both are vital to sustainable growth. The company remained confident about the efforts that will create long-term shareholder value as well as increase return on capital for investors.

In a separate release, the company said Guomin Xie has tendered his resignation as co-president and director due to personal reasons, effective June 6, 2019. Also, Tencent Music has named Zhenyu Xie, co-president and board member, as chief technology officer (CTO). Linlin Chen, a group vice president, has been appointed to oversee the company’s Kugou business and Lixue Shi, a group vice president, has been named to oversee the company’s Kuwo business.

Swedish music entertainment platform and rival Spotify (SPOT) last month reported a narrower loss in the first quarter of 2019, supported by a 33% revenue growth as well as lower costs and expenses.

Shares of Tencent Music ended Monday’s regular session down 3.61% at $16 on the NYSE. The stock has risen over 14% since the IPO while it has fallen over 12% in the past month.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Earnings: KB Home (KBH) Q2 2024 profit rises despite lower revenues

Homebuilder KB Home (NYSE: KBH) on Tuesday announced financial results for the second quarter of 2024, reporting an increase in net income. Revenues were down 3%. The company’s net income

What to expect when General Mills (GIS) reports its fourth quarter 2024 earnings results

Shares of General Mills, Inc. (NYSE: GIS) stayed green on Tuesday. The stock has dropped 5% over the past one month. The processed foods company is scheduled to report its

Lennar Corporation (LEN) Earnings: 2Q24 Key Numbers

Lennar Corporation (NYSE: LEN) reported total revenues of $8.8 billion for the second quarter of 2024, up 9% year-over-year. Net earnings attributable to Lennar were $954 million, or $3.45 per share, compared to


  1. Pingback: Young Arab Voices
  2. Pingback: fue contact
  3. Pingback: fue
  4. Pingback: GPA Calculation
  5. Pingback: fue contact
  6. Pingback: Computer Science
  7. Pingback: circular axis
  8. Pingback: luci led camera
  9. Pingback: faretti a binario
  10. Pingback: livpure
  11. Pingback: Fiverr Earn
  12. Pingback: Fiverr Earn
  13. Pingback: Fiverr Earn
  14. Pingback:
  15. Pingback:
  16. Pingback: red boost
  17. Pingback: livpure mediprime
  18. Pingback: clima hoy
  19. Pingback:
  20. Pingback: french bulldog
  21. Pingback: bernedoodles
  22. Pingback: jute vs sisal rug
  23. Pingback: frenchie jewelry
  24. Pingback: Children jewellery
  25. Pingback: future university
  26. Pingback: Fiverr.Com
  27. Pingback: FUE
  28. Pingback: Furniture handling
  29. Pingback: Reliable movers
  30. Pingback: Secure storage
  31. Pingback:
  32. Pingback: Classic Books 500
  33. Pingback: FiverrEarn
  34. Pingback: FiverrEarn
  35. Pingback: FiverrEarn
  36. Pingback: Fiverr.Com
  37. Pingback: FiverrEarn
  38. Pingback: FiverrEarn
  39. Pingback: Speaker
  40. Pingback: Aussie Porn Stars
  41. Pingback: partners
  42. Pingback: Sport analysis
  43. Pingback: FiverrEarn
  44. Pingback: FiverrEarn
  45. Pingback: FiverrEarn
  46. Pingback: live sex cams
  47. Pingback: live sex cams
  48. Pingback: FiverrEarn
  49. Pingback: FiverrEarn
  50. Pingback: FiverrEarn
  51. Pingback: FiverrEarn
  52. Pingback: FiverrEarn
  53. Pingback: FiverrEarn
  54. Pingback: FiverrEarn
  55. Pingback: FiverrEarn
  56. Pingback: FiverrEarn
  57. Pingback: A2 Milk
  58. Pingback: email
  59. Pingback: marketing
  60. Pingback: Kuliah Termurah
  61. Pingback: FiverrEarn
  62. Pingback: FiverrEarn
  63. Pingback: FiverrEarn
  64. Pingback: FiverrEarn
  65. Pingback: FiverrEarn
  66. Pingback: FiverrEarn
  67. Pingback: FiverrEarn
  68. Pingback: neotonics scam
  69. Pingback: cheap sex cams
  70. Pingback:
  71. Pingback:
  72. Pingback:
  73. Pingback: french bulldog buy
  74. Pingback: live sex cams
  75. Pingback: freeze dried candy
  76. Pingback: frt trigger
  77. Pingback: 늑대닷컴
  78. Pingback: nang sydney
  79. Pingback: superslot
  80. Pingback: allgame
  81. Pingback: 918kiss
  82. Pingback: หวย24
  83. Pingback: Skincare
  84. Pingback: pg slot
  85. Pingback: resort lake placid
  86. Pingback: nang tanks
  87. Pingback: Plombier Tours
  88. Pingback: more
  89. Pingback:
  90. Pingback: whitecollar jobs
  91. Pingback: london career hub
Add Comment
Viewing Highlight