Get all your news in one place.
100’s of premium titles.
One app.
Start reading
Benzinga
Benzinga
Business
Akanksha Bakshi

Tencent Music Entertainment Clocks 9% Revenue Decline In Q4

  • Tencent Music Entertainment Group (NYSE:TME) reported a fourth-quarter revenue decline of 8.7% year-over-year to $1.19 billion (RMB 7.61 billion), missing the consensus of $1.23 billion.
  • Online music service revenues grew by 4.3% Y/Y. Revenues from music subscriptions were RMB1.95 billion ($306 million), an increase of 23.5% Y/Y.
  • Online music paying users increased by 36.1% Y/Y to 76.2 million. Paying ratio was 12.4%, up from 11.2% sequentially and +9% Y/Y.
  • Revenues from social entertainment services and others decreased by 15.2% Y/Y to RMB4.73 billion ($742 million).
  • The gross margin decreased to 28.8% from 32.4% in the same period of 2020.
  • The operating profit was RMB682 million ($107 million), compared to RMB1.30 billion in 4Q20.
  • Adjusted EPADS was $0.08, beating the consensus of $0.07.
  • Net cash provided by operating activities in Q4 was RMB822 million ($129 million), compared to RMB1.86 billion in the same period of 2020.
  • As of December 31, 2021, the combined balance of the Company's cash, cash equivalents, term deposits, and short-term investments amounted to RMB24.69 billion ($3.87 billion).
  • Price Action: TME shares are trading lower by 3.34% at $4.49 during the post-market session on Monday.
Sign up to read this article
Read news from 100’s of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.