This Spotify Rival From China Just Saw Its MAUs Dip in Q2, Stock Slides
Portfolio Pulse from Anusuya Lahiri
Tencent Music Entertainment Group (NYSE:TME) reported Q2 revenue growth of 5.5% YoY to $1.01 billion, missing the consensus of $1.03 billion. The company's Q2 Monthly active users (MAUs) for online music declined by 4.7% YoY to 594 million. Mobile MAUs for social entertainment decreased by 18.1% YoY to 136 million. The company's shares traded lower by 7.80% at $5.63 premarket on the last check Tuesday.
August 15, 2023 | 12:17 pm
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NEGATIVE IMPACT
Tencent Music's Q2 earnings missed consensus estimates and the company reported a decline in MAUs. This led to a drop in the company's share price.
Tencent Music's Q2 earnings missed consensus estimates, which is a negative signal to investors. Additionally, the company reported a decline in MAUs, which could indicate a decrease in user engagement and potential future revenue. These factors likely contributed to the drop in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100