Tencent Music's Q3 Revenue Tops $1 Billion, But Monthly Active Users Fall 3%, Stock Reacts

Tencent Music Entertainment Group (NYSE:TME) reported a fiscal third-quarter 2024 revenue growth of 6.8% year-over-year to $1.00 billion (7.02 billion Chinese yuan), beating the analyst consensus estimate of $980.86 million. 

Growth in revenues from online music services was partially offset by a decline in revenues from social entertainment services and others.

China’s online music and audio entertainment platform’s adjusted EPADS of $0.16 (1.16 Chinese yuan) missed the analyst consensus estimate of $0.17. The stock fell after the earnings report.

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Key Metrics: Monthly active users (MAUs) for online music declined by 3.0% year over year to 576 million, and mobile MAUs for social entertainment decreased by ...