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Tencent Music Entertainment Posts Mixed Q4 Results as Rising Competition Weighs -Breaking

by Mike Robinson

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© Reuters

By Yasin Ebrahim

Investing.com – Tencent Music Entertainment reported Monday mixed fourth quarter results as earnings beat but revenue fell short of the expectations as increased competition and the weaker macro environment dented growth. 

After-hours trading saw Tencent Music Entertainment (NYSE 🙂 fall more than 2%

Adjusted EPS was RMB0.50 for the online music and audio entertainment platform, down from RMB0.80 one year ago. Revenue fell 8.7% to RMB7.607 trillion. This compares to Wall Street’s estimates of EPS at 0.08 for revenue of $7.609 million.

Online music mobile monthly active users, or MAUs, fell 1% year-over-year, driven by churn in casual users served amid increased competition. But paying online music paying users reached a record-high 76.2 million, benefitting from expanded sales channels and paying user loyalty, the company said.  

“Amid increasing competition and changing macro environment, social entertainment services MAUs and paying users were lower year-over-year and quarter-over-quarter,” it added. 

 

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