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State: 17.08.2024 | 11PM
Tue, 13.08.2024       Tencent Music
US88034P1093

SHENZHEN, China, Aug. 13, 2024 /PRNewswire/ -- Tencent Music Entertainment Group ("TME," or the "Company") (NYSE: TME and HKEX: 1698), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Financial Highlights

Total revenues were RMB7.16 billion (US$985 million), representing a 1.7% year-over-year decrease, primarily due to a decline in revenues from social entertainment services and others, which was partially offset by strong year-over-year growth in revenues from online music services.Revenues from music subscriptions were RMB3.74 billion (US$515 million), representing 29.4% year-over-year growth. The number of paying users increased by 17.7% year-over-year to 117.0 million, up by 3.5 million from the first quarter of 2024.Net profit was RMB1.79 billion (US$247 million), representing 33.1% year-over-year growth. Net profit attributable to equity holders of the Company was RMB1.68 billion (US$231 million), representing 29.6% year-over-year growth. Non-IFRS net profit[1] was RMB1.99 billion (US$273 million), representing 25.7% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB1.87 billion (US$258 million), representing 22.5% year-over-year growth.Diluted earnings per ADS was RMB1.07 (US$0.15), up from RMB0.82 in the same period of 2023.Total cash, cash equivalents, term deposits and short-term investments as of June 30, 2024 were RMB35.03 billion (US$4.82 billion).  
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