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Here's Why Tencent Music Entertainment Shares Are Rising

Published 22/03/2022, 17:52
© Reuters Here's Why Tencent Music Entertainment Shares Are Rising
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Tencent (HK:0700) Music Entertainment Group - ADR (NYSE: TME) shares are trading higher by 10.0% at $5.11 after the company reported better-than-expected fourth-quarter EPS results. The positive price action could also be related to strength in Chinese stocks and Alibaba (NYSE:BABA) Group Holding Ltd - ADR (NYSE: BABA) for the session.

Tencent Music Entertainment reported quarterly earnings of 8 cents per share which beat the analyst consensus estimate of 7 cents. The company reported quarterly sales of $1.19 billion which missed the analyst consensus estimate of $1.23 billion by 3%. This is a 7% decrease over sales of $1.28 billion in the same period last year.

Tencent Music Entertainment highlighted that online music paying users reached 76.2 million, increasing by 36.1% year-over-year. The company says, on a sequential basis, the number of online music paying users grew by 5.0 million. Paying ratio was 12.4%, up from 11.2% in the third quarter of this year and 9.0% in the fourth quarter of last year.

See Also: Is Tesla 'About To Have A Big Run'? Why Jim Cramer Says EV Stock Could Lead The Market Higher

Tencent Music Entertainment is an online music entertainment platform in China. Its platform comprises online music, online karaoke and music-centric live streaming services, supported by content offerings, technology and data.

Tencent Music Entertainment has a 52-week high of $32.25 and a 52-week low of $2.95.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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