Tencent Music reports Q2 EPS 10c, consensus 9c
Reports Q2 revenue $859M, consensus $843M. "We are pleased with second quarter results driven by the strength of both our online music and social entertainment businesses," said Mr. Cussion Pang, Chief Executive Officer of Tencent Music. "The growth in our online music paying users accelerated during the quarter, with 2.6 million paying users added sequentially. We continued to expand our music content leadership by partnering with more music labels, as well as adding more content including music-centric variety shows, short-form videos and long-form audio such as audio books and podcasts. We strengthened our alliances to produce and distribute more high-quality original soundtracks, including our partnerships within the Tencent ecosystem to develop original music content for games, films and TV shows. In social entertainment, we not only effectively broadened our user base through mini-program and a lite version app, but also improved user engagement by adding new product features, especially social features with high user participation. We are pleased with our progress and confident that these initiatives will lead to further growth in the second half of the year."