Tencent Music is adding subscribers at an impressive pace, suggesting its antitrust woes are over. Its karaoke apps, though, are losing users. Shares have more than halved this year, yet it’s too soon to call bottom: mak_robyn
Tencent Music Entertainment on Aug. 16 said revenue in the three months to end-June was 8 billion yuan , an increase of 16% year on year. Online paying users increased 41% to 66.2 million.
Net profit attributable to equity holders of the company decreased 12% from a year earlier, to 827 million yuan. Separately, Tencent Music is considering delaying a planned Hong Kong listing until next year, the Nikkei reported on Aug. 16, citing people familiar with the matter. Shares of New York-listed Tencent Music closed down 9% to $8.92 on Aug. 16, before the earnings results. They rose 3.4% during after-hours trading.FILE PHOTO: The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021.
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