TME Q1 net profit up 23.9% YoY to RMB 1.42bn, with revenues from music subscriptions rising 39.2% YoY.
Tencent Music Entertainment (TME) reported Q1 net profit of RMB 1.42bn, up 23.9% YoY, with earnings per ADS at RMB 0.91. Total revenues were RMB 6.77bn, a 3.4% YoY decrease, mainly due to decline in revenues from social services. Revenues from music subscriptions grew 39.2% YoY to RMB 3.62bn. The company reported 113.5 million paying users, up 20.2% YoY.
May 13, 2024
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