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Tencent Music (TME) Q1 2024 Earnings Report

Comprehensive analysis of Tencent Music's financial performance for Q1 2024 with historical comparisons and future outlook.

Reported Q: Q1 2024 Rev YoY: -8.9% EPS YoY: +24.3% Move: -1.38%
Tencent Music
TME
$9.30 -1.38%
Exchange NYSE Sector Communication Services Industry Internet Content Information
Q1 2024
Published: Mar 19, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for TME

Reported

Report Date

Mar 19, 2024

Quarter Q1 2024

Revenue

6.77B

YoY: -8.9%

EPS

0.92

YoY: +24.3%

Market Move

-1.38%

Previous quarter: Q4 2023

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Earnings Highlights

  • Revenue of $6.77B down 8.9% year-over-year
  • EPS of $0.92 increased by 24.3% from previous year
  • Gross margin of 40.9%
  • Net income of 1.42B
  • "‘The number of music-paying users increased to 113.5 million, totaling 43% of the overall growth in online music revenues.’ - Kar Shun Pang, Executive Chairman" - Kar Shun Pang
TME
Tencent Music Entertainment Group
Period Q1 2024
Currency CNY
Report Type Quarterly Earnings
Generated Mar 30, 2026

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Executive Summary

Tencent Music Entertainment Group (TME) reported strong results for the first quarter of 2024, achieving a 43% year-over-year revenue growth in its online music services alongside a substantial improvement in profitability metrics. The company successfully increased its number of music-paying users to 113.5 million, contributing to an overall healthy ARPPU increase. Key strategies driving these results include enhanced content offerings, strategic partnerships, and a focus on user engagement. Despite a slight decline in overall revenue due to challenges in social entertainment services, TME is well-positioned for continued growth in the online music market, reinforced by robust operational management and innovative technological integration.

Key Performance Indicators

Revenue
Decreasing
6.77B
QoQ: -1.81% | YoY: -8.85%
Gross Profit
Increasing
2.77B
40.90% margin
QoQ: 4.92% | YoY: 13.24%
Operating Income
Increasing
1.96B
QoQ: 14.29% | YoY: 41.14%
Net Income
Increasing
1.42B
QoQ: 8.88% | YoY: 23.54%
EPS
Increasing
0.92
QoQ: 9.52% | YoY: 24.32%

Revenue Trend

Margin Analysis

Historical Earnings Comparison

PeriodRevenue ($M)EPS ($)YoY GrowthReport
Q3 2024 7,015.00 1.01 +6.8% View
Q2 2024 7,160.00 1.07 -1.7% View
Q1 2024 6,768.00 0.92 -8.9% View
Q4 2023 6,893.00 0.82 -1.6% View
Q3 2023 6,569.00 0.74 -10.8% View
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