What's Going On With Tencent Music Entertainment Group Stock Today?

Tencent Music Entertainment TME shares are trading lower after the company reported Q4 financial results.

The Details: On Tuesday, Tencent Music Entertainment announced its fourth-quarter results for the year ended Dec. 31, 2022. The company reported quarterly adjusted diluted earnings of $0.13 per share, in line with analyst consensus estimates. The company reported quarterly sales of $1.08 billion compared to the analyst consensus estimate of $1.07 billion. This represents a 9.8% decrease in sales from the same period last year.

Additionally, Tencent provided additional information on its segment revenue

• Online music service revenue grew by 23.6%
• Music subscription revenue increased by 20.6% year over year
• Revenues from social entertainment services and others decreased by 18.2%

"Amid a fast-changing macro environment in 2022, we continued to innovate our services and carried out effective cost optimization measures, leading to strong growth in our full-year profitability as well as steady growth in online music subscriptions throughout the year," said Mr. Cussion Pang, Executive Chairman of TME.

Tencent Music Entertainment Group is the leading online music and audio entertainment platform in China, operating the country's highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music, and WeSing. TME's mission is to create endless possibilities with music and technology.

According to data from Benzinga Pro, Tencent Music Entertainment Group shares were down 9.61%, trading at $7.11 at the time of publication. The stock has a 52-week high of $9.29 and a 52-week low of $3.15.

The session volume for Tuesday at the time of publication is at 9.5 million, up from the 100-day average of 6.6 million