Tencent Music Profits And Premium Sign-Ups Climb Despite Fewer Listeners

Tencent Music Entertainment (NYSE:TME) shares rose Tuesday after the company posted second-quarter results that topped expectations.

Revenue came in at $1.18 billion, up 17.9% year-over-year(Y/Y) , driven by robust growth in online music services. This strength was partly offset by lower revenue from social entertainment services and other segments. Analysts had projected $1.10 billion.

China's online music and audio entertainment platform's adjusted EPADS of 23 cents (1.66 Chinese yuan) topped the analyst consensus estimate of 19 cents.

Also Read: Tencent Music Moves Beyond Streaming With $1.26B Cash-And-Stock Deal For ...