Tencent Music to see softer first quarter; beats fourth-quarter revenue estimates on paying user surge [Reuters]
Tencent Music Entertainment Group American Depositary Shares, each representing two Class A Ordinary Shares (TME)
Last tencent music entertainment group american depositary shares, each representing two class a ordinary shares earnings: 3/16 04:15 pm
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Source: Reuters
Tencent Music to see softer first quarter; beats fourth-quarter revenue estimates on paying user surge (Reuters) - China’s Tencent Music Entertainment Group said the company would likely see “much softer” first-quarter revenue growth due to the COVID-19 outbreak, after it beat Wall Street estimates for fourth-quarter revenue on Monday. The company’s music streaming service added more paying users, its results showed, sending its shares up 3% in U.S. extended trading. “For the full year, even though total revenue growth is expected to be slower than original expectation due to the short-term impact in the first half, we expect revenue growth to improve in the second half,” said Chief Executive Cussion Pang on an earning call after markets closed. The firm mainly attributed the expected slowdown to licensing and advertising revenue decline. Subscription revenue, however, is likely to get a boost, it said. Pang added that Tencent Music is already taking measures to mitigate any impact fr
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