By Yasin Ebrahim
Investing.com – Tencent Music Entertainment reported Monday mixed fourth quarter results as earnings beat but revenue fell short of the expectations as increased competition and the weaker macro environment dented growth.
Tencent Music Entertainment (NYSE:) was down more than 2% in after-hours trade.
The online music and audio entertainment platform reported adjusted EPS of RMB0.50, down from RMB0.80 a year earlier, as revenue fell 8.7%, to RMB7.607 billion. That compared with Wall Street estimates for EPS of 0.08 on revenue of $7.609 billion.
Online music mobile monthly active users, or MAUs, fell 1% year-over-year, driven by churn in casual users served amid increased competition. But paying online music paying users reached a record-high 76.2 million, benefitting from expanded sales channels and paying user loyalty, the company said.
“Amid increasing competition and changing macro environment, social entertainment services MAUs and paying users were lower year-over-year and quarter-over-quarter,” it added.
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