Online music platform Tencent Music (NYSE:TME) has announced a better-than-expected set of first-quarter numbers today. Despite this outperformance, shares of the company are trading nearly 8% lower in the morning session today.
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Revenue rose 5.4% year-over-year to $1.02 billion landing past expectations by $27.1 million. EPADS (earning per American depository share) at $0.11 too came in better than estimates by $0.01. During the quarter, revenue from music subscriptions rose by 30.4% to $378 million. Additionally, paying users with the company grew to 94.4 million during this period.
Further, the company is expanding partnerships with music labels and artists while also boosting its footprint in offline entertainment with TME Live.
Overall, the Street has a $9.18 consensus price target on TME alongside a Moderate Buy consensus rating. Shares of the company have surged nearly 91.8% over the past 52 weeks.
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