Tencent Music Entertainment beats quarterly revenue estimates

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Reuters

Tue, Mar 18, 2025, 2:09 AM 1 min read

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(Reuters) -Tencent Music Entertainment (TME) topped analysts' estimates for quarterly gross connected Tuesday with its 2nd consecutive 4th of maturation arsenic beardown request for its streaming work helped the institution bounce backmost aft a year-long slowdown.

For the 3 months done December, its gross roseate 8.2% from a twelvemonth earlier to 7.46 cardinal yuan ($1.03 billion), supra analysts' mean estimation of 7.30 cardinal yuan, according to information compiled by LSEG.

The U.S.-listed shares of the institution were up 3% successful premarket trading.

Tencent Music's premium Super VIP (SVIP) membership, which combines long-form audio content, online karaoke services and high-quality sound, has gained important traction among users.

NYSE - Delayed Quote USD

At close: March 17 astatine 4:00:02 PM EDT

However, the societal amusement portion continues to measurement connected wide maturation owed to the removal of definite live-streaming features to comply with Beijing's anti-gambling regulations.

For the 4th quarter, gross from the societal amusement services business, which includes karaoke app WeSing and unrecorded performance level Kuwo Music, was 1.63 cardinal yuan, down from 1.87 cardinal yuan a twelvemonth ago.

($1 = 7.2228 Chinese yuan renminbi)

(Reporting by Kritika Lamba successful Bengaluru and Yelin Mo successful Beijing; Editing by Sonia Cheema)

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