Tencent Music Entertainment Group (TME - Free Report) reported fourth-quarter 2019 adjusted earnings of 12 cents per American Depositary Shares (ADS) that beat the Zacks Consensus Estimate by 20%.
In domestic currency, the company reported adjusted earnings of RMB0.62 per ADS.
Revenues jumped 35.1% year over year to RMB7.29 billion ($1.05 billion).
Revenues from online music services increased 40.7% year over year to RMB2.14 billion ($307 million), driven by higher revenues from user subscriptions supplemented by growth in revenues from advertising services and sales of digital music albums.
Revenues from paid music through sales of subscription packages were RMB1.11 billion ($160 million), up 60.1% year over year due to improved paid user retention rate and increased number of paying users.
Revenues from social entertainment services and others soared 32.9% to RMB5.15 billion ($740 million), primarily driven by higher revenues from both online karaoke and live streaming services.
Tencent Music Entertainment Group Sponsored ADR Price, Consensus and EPS Surprise