Tencent Music Entertainment Group (NYSE:) reported its , with EPS of $0.06 coming in worse than the consensus estimate of $0.07. Due to headwinds and an evolving market environment, total revenues fell 15.1% to $1.05billion year-over-year. This was lower than the consensus estimate $1.23billion.

The revenue from online music services fell 4.8% to $413 millions in Q1. The revenue from music subscriptions increased 17.8% year over year to $314 millions. Online music users reached 80.2 million, an increase of 31.7% annually. Also, the paying ratio rose to 13.3% (from 12.4% and 9.9% respectively in Q4/Q1/21).

The revenue from social entertainment services was down 20% to $635 Million in Q1.

Tencent Music shares were lower by 40% in the year to date.

By Davit Kirakosyan