These Analysts Raise Their Forecasts On Tencent Music Entertainment After Q4 Results
Portfolio Pulse from Avi Kapoor
Tencent Music Entertainment Group (NYSE:TME) reported Q4 revenue of $971 million, surpassing expectations despite a 7.2% year-over-year decline. The company's adjusted EPADS was $0.14, in line with consensus. MAUs for online music and social entertainment saw declines, while online music paying users increased by 20.6%. Following the earnings announcement, several analysts raised their price targets on TME, leading to a 6.4% increase in its shares to close at $11.04.
March 20, 2024 | 12:44 pm
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Tencent Music's Q4 earnings surpassed expectations with a revenue of $971 million and an adjusted EPADS of $0.14. Analysts have raised their price targets, leading to a 6.4% increase in share price.
The positive earnings report and subsequent analyst upgrades indicate strong confidence in Tencent Music's financial health and growth prospects, likely leading to continued investor interest and potential short-term price appreciation.
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