• Cryptocurrency
  • Earnings
  • Enterprise
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact Us
TechBooky
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • African
  • AI
  • Metaverse
  • Gadgets
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Tencent Music Entertainment Reports First Quarter Earnings, Revenue Falls 15 Percent

Ibhadojemu Emmanuel by Ibhadojemu Emmanuel
May 17, 2022
in Uncategorised
Share on FacebookShare on Twitter

Chinese company Tencent Music Entertainment has reported its first-quarter earnings. The company’s revenue fell 15 percent in the quarter but its shares were up on Tuesday as stocks in the sector experienced a surge.

The earnings report comes amid regulatory crackdowns on Chinese tech giants. For Tencent Music, regulators stripped it of its music exclusivity rights unleashing it into a competitive space with rivals like Cloud Music and TikTok’s Chinese counterpart Douyin.

Tencent said its revenue declined to 6.64 billion yuan ($979 million) in the first quarter which ended on the 31st of March. The company blamed reduced ad sales and a fresh outbreak of Covid-19 cases in China for the revenue decline it experienced in the quarter. For the quarter, net income attributable to equity holders dropped to 609 million yuan.

Tencent Music Entertainment reported a 21 percent fall in its social entertainment services which is its biggest revenue driver. Paying users dropped from 9 million in the previous quarter to 8.3 million in the first quarter. Analysts and investors weren’t bothered by the company’s first-quarter earnings results mostly because it comes amid a period of increased regulation on tech giants.

Ivan Su, senior equity manager at Morningstar said that “The company has given analysts ahead of time a very low expectation. And the decline seen in the social entertainment segment is also widely expected considering pressure from macroeconomics and regulation.”

The company reported that online music paying users grew by 4 million from the previous quarter. 5 million users were added in the previous quarter. For the first quarter, however, the average revenue per paying user declined. It fell to 8.3 yuan from 9.3 yuan from the same period from the previous year.

The company has also revealed plans to have a secondary listing in Hong Kong. It, however, failed to provide ample details. ”We will strive to move things forward in an expedited manner and obtain the necessary regulatory approvals in due course,” Cheuk Tung Yip, Tencent Music’s chief strategy officer, said in a call with analysts.

 

Related Posts:

  • virtual-doctor
    Tencent Music Reports Better-than-expected Second…
  • pexels-photo-3
    Tencent Reports First-ever Revenue Drop, Takes A Hit…
  • Shares Of Alibaba Soar On Better-than-expected…
  • Xiaomi Reports Lower-than-expected Earnings Amid Covid And Chip Shortage Challenges
    Xiaomi Reports Lower-than-expected Earnings Amid…
  • Alibaba's Fiscal Fourth Quarter Results Surpasses Analysts' Expectations
    Alibaba's Fiscal Fourth Quarter Results Surpasses…
  • PicsArt_04-01-10.27.41
    Spotify Surpasses 500 Million Monthly Users For The…
  • 5b8d7a3cab3a4f5f8447140a18fbd5f1
    Xpeng Reports Wider-than-expected Loss In The Third Quarter
  • Zoom Issues Better-than-expected First Quarter…

Discover more from TechBooky

Subscribe to get the latest posts sent to your email.

Ibhadojemu Emmanuel

Ibhadojemu Emmanuel

Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.

BROWSE BY CATEGORIES

Select Category

    Receive top tech news directly in your inbox

    subscription from
    Loading

    Freshly Squeezed

    • AI Helps Google One Reach 150 Million Subscribers May 16, 2025
    • FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms May 16, 2025
    • MoonPay and Mastercard Partner to Advance Stablecoin Payments May 16, 2025
    • Google Gemini Advanced Users Can Now Link to GitHub May 16, 2025
    • TikTok Accused of Violating EU Internet Content Rules May 15, 2025
    • Activists and Users Criticize NCC & Telcos Over Customer Penalties May 15, 2025

    Browse Archives

    May 2025
    MTWTFSS
     1234
    567891011
    12131415161718
    19202122232425
    262728293031 
    « Apr    

    Quick Links

    • About TechBooky
    • Advertise Here
    • Contact us
    • Submit Article
    • Privacy Policy

    Recent News

    AI Helps Google One Reach 150 Million Subscribers

    AI Helps Google One Reach 150 Million Subscribers

    May 16, 2025
    FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms

    FT Lists Paymenow, TymeBank & Omnisient Among Africa’s Fastest-Growing Firms

    May 16, 2025
    MoonPay and Mastercard Partner to Advance Stablecoin Payments

    MoonPay and Mastercard Partner to Advance Stablecoin Payments

    May 16, 2025
    Google Gemini Advanced Users Can Now Link to GitHub

    Google Gemini Advanced Users Can Now Link to GitHub

    May 16, 2025
    TikTok Accused of Violating EU Internet Content Rules

    TikTok Accused of Violating EU Internet Content Rules

    May 15, 2025
    Activists and Users Criticize NCC & Telcos Over Customer Penalties

    Activists and Users Criticize NCC & Telcos Over Customer Penalties

    May 15, 2025
    • Login

    © 2021 Design By Tech Booky Elite

    Generic selectors
    Exact matches only
    Search in title
    Search in content
    Post Type Selectors
    • African
    • Artificial Intelligence
    • Gadgets
    • Metaverse
    • Tips
    • About TechBooky
    • Advertise Here
    • Submit Article
    • Contact us

    © 2021 Design By Tech Booky Elite

    Discover more from TechBooky

    Subscribe now to keep reading and get access to the full archive.

    Continue reading

    We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok