Tencent Music Entertainment Group American Depositary Shares (TME)
11.96
-0.31 (-2.53%)
Tencent Music Entertainment is a leading online music entertainment platform in China that offers a wide range of music and audio services
The company operates popular applications that provide users with access to music streaming, karaoke, and social entertainment features. Leveraging its extensive music library and partnerships with various artists and music labels, Tencent Music facilitates music discovery and consumption, enabling users to create and share playlists, listen to live performances, and engage with other music fans. Additionally, Tencent Music has developed innovative revenue models, including subscriptions, virtual gifts, and advertising, to support both artists and the broader music ecosystem.
Tencent Music Entertainment Group's Q3 revenue grew 6.8% to $1.00 billion but missed analyst estimates. Online music revenue rose, but social entertainment and other services declined. MAUs for online music decreased, while paying users increased. Gross margin and operating profit also increased. CEO emphasized growth strategy and focus on quality.
Chinese stocks plunge as investors disappointed by lack of aggressive fiscal stimulus measures from officials. Offshore Chinese equities hit hardest, driven by profit-taking and lack of support. Shanghai Composite manages to close 4.6% higher after volatile day.
Lingering optimism about the future of the country's enterprises continued to drive demand for them higher; rising tensions elsewhere in the world also played a role.
Wall Street inched higher on Tuesday, with the Nasdaq 100 outperforming other major indices, while cyclical sectors linked to metals and industrial commodities saw strong gains, fueled by a surprise stimulus package
The U.S. dollar fell to a 17-month low against the Chinese yuan as the Fed cut rates and the PBoC held theirs, highlighting divergences between the two economies. China's economy remained stable, but faces challenges. Japanese stocks rallied as the BoJ held rates.
10 worst performing large-cap stocks in August: Super Micro, Dollar General, Snap, PDD Holdings, Intel, Tencent Music, Gold Fields, Charles River, Moderna, Neurocrine Biosciences.
BofA Securities analyst reiterates Buy on Tencent Music with $15 PT (prev. $18). Tencent Music reports 2Q24 revenue miss, focuses on ARPU growth and Super VIP.
The Dow Jones Industrial Average and Nasdaq Composite Index are both boasting triple-digit leads in the wake of a softer-than-expected PPI reading for July, while the S&P 500 Index sits higher as well.
Wall Street is priming for a positive start on Tuesday, as the market resiliently holds onto optimism regarding receiving benign inflation data, which will likely seal the fate of a rate cut.
