<p>[Correction: A previous version of this story incorrectly stated Tencent Music Entertainment’s year-over-year operating profit and net profit figures for its fourth quarter. It has since been revised.]
Tencent Music Entertainment (NYSE: TME) revenues for the company’s fiscal fourth quarter 2019 have TME inventory after Monday night. This comes after reporting adjusted earnings per share (EPS) of 0.80 yuan, while the Wall Street estimate was 0.77 yuan. The Chinese company’s revenue of 7.29 billion yuan is also better than analysts’ estimates of 6.79 billion yuan.
Source: rafapress / Shutterstock.com
Here’s what’s worth pointing out from the latest Tencent Music Entertainment results report.
Adjusted earnings per share increased by 40.35% from 0.57 yuan over the same period last year. Revenue for the quarter is 35% higher than the 5.4 billion yuan reported in the fiscal fourth quarter of 2018. Operating profit of 1.2 billion yuan is a change from the previous year from operating profit of 970 million yuan in the same period 2018. Tencent Music The entertainment earnings report also includes a net profit of 1.04 billion yuan. This is an increase from the company’s net loss of 876 million yuan reported for the same period last year.
Cussion Pang, CEO of Tencent Music Entertainment, said this about TME share income:
“2019 marked a year of healthy growth in our operations. We have made a significant contribution to maintaining copyright protection for music, supporting the creation of original content and designing innovative revenue models to unlock the intrinsic value of music.
Business executives will review the Tencent Music Entertainment results report in a conference call. The call starts at 20.00 Eastern Time today. Those who want can call in or listen via a live webcast.
The TME share moved in the afternoon after Monday after ending the day with 3%.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/03/tencent-music-entertainment-earnings-tme-stock-not-moving/.
© 2020 InvestorPlace Media, LLC