Tencent Music Entertainment Group Announces First Quarter 2020 Unaudited Financial Results

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Go back to Tencent Music Entertainment Group Announces First Quarter 2020 Unaudited Financial Results

Tencent Music (TME) Misses Q1 EPS by 2c, Revenues Miss

May 11, 2020 4:09 PM EDT

Tencent Music (NYSE: TME) reported Q1 EPS of $0.07, $0.02 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $891 million versus the consensus estimate of $898.16 million.

"We achieved healthy first quarter performance primarily fueled by robust growth from online music subscription revenues. The year-over-year growth of our online music subscription revenues accelerated to 70.0%, up from 48.3% and 60.1% in the third and fourth quarters of 2019 respectively. Online music paying users reached 42.7 million in the first quarter of 2020, growing 50.4% year-over-year with underlying paying ratio reaching 6.5%, up from 4.3% for the same quarter last year. While... More