16.05 -0.26 (-1.59%)
After hours: 7:59PM EDT
|Bid||16.05 x 1200|
|Ask||16.58 x 1400|
|Day's range||16.21 - 17.41|
|52-week range||9.22 - 17.97|
|Beta (5Y monthly)||N/A|
|PE ratio (TTM)||50.37|
|Forward dividend & yield||N/A (N/A)|
|1y target est||N/A|
Now I will turn the conference over to your speaker host today, Ms. Millicent T. Please go ahead, ma'am. Tencent Music announced its quarterly financial results today after the market close. Today, you'll hear from Mr. Cussion Pang, our CEO, who will start the call with an overview of our recent achievements and growth strategies.
Monthly average revenue per subscriber paying for the company's social entertainment services fell 13% in the first quarter ended March 31. Tencent Music, controlled by Chinese tech giant Tencent Holdings <0700.HK>, gets nearly three quarters of its revenue from this business, unlike peers including Spotify <SPOT.N> who make most of their money from music subscriptions. Tencent Music, which had warned of soft first-quarter sales in March, said revenue in the period rose about 10% to 6.31 billion yuan ($889 million).
Vivendi closed on Tuesday the sale of a 10% stake in Universal Music Group (UMG) - home to Taylor Swift and The Beatles - to a Tencent-led consortium, in a deal giving UMG an enterprise value of 30 billion euros ($33 billion). The French conglomerate, in which billionaire Vincent Bollore's holding company has the biggest stake, said it would now examine the possible sale of other minority interests in UMG, with an initial public offering of those assets planned for early 2023.
The company's music streaming service added more paying users, its results showed, sending its shares up 3% in U.S. extended trading. "For the full year, even though total revenue growth is expected to be slower than original expectation due to the short-term impact in the first half, we expect revenue growth to improve in the second half," said Chief Executive Cussion Pang on an earning call after markets closed. The firm mainly attributed the expected slowdown to licensing and advertising revenue decline.
Stocks rose modestly on the last trading day of the year Tuesday, capping a year that generated eye-popping returns. Investors shrugged off President Donald Trump's tweet that a Phase 1 trade deal with China would be signed January 15th. The major indexes gained three-tenths percent on the day. For 2019, the S&P rose nearly 29% and the Nasdaq gained 35% -- both posting their best yearly performance since 2013. Fi Plan Partners president Greg Powell: SOUNDBITE: FI PLAN PARTNERS PRESIDENT, GREG POWELL: "I think today basically people just saying, 'Hey, it's been a great year. If I need to take some profits or take some losses, I'll just get that worked out today.'" Shares of Tencent Music Entertainment rose. The Chinese company is leading a consortium that will buy a 10% stake in Vivendi's Universal Music Group, home to artists such as Taylor Swift and The Beatles. Dick's Sporting Goods shares rallied. Cowen raised its price target and earnings estimates on the sporting goods retailer. Shares of Avon fell. The cosmetic company will be removed from the S&P Small Cap 600 index on January 6. Shares of the company replacing it, NexPoint Residential Trust, jumped.
PARIS/HONG KONG (Reuters) - A Tencent-led consortium is taking a 10% stake in Vivendi's Universal Music Group, valuing the music label that houses Lady Gaga and The Beatles at 30 billion euros ($34 billion) and giving the Chinese firm a global backstage pass. The deal allows both companies to expand in a recovering global music market, giving Tencent more access to U.S. artists while UMG can tap into the Asian market, including big-selling "K-Pop" Korean pop stars. After months of talks, French media conglomerate Vivendi said on Tuesday it had finalised the sale of an initial 10% of the world's largest music label to the Tencent consortium, which also had the option to buy up to 10% more by January 2021 on the same price basis.
Tencent Music's (TME) third-quarter 2019 results benefit from expanded paid mobile subscriber base and increase in the number of users willing to pay for premium music service.
In today’s look at the market movers in the tech sector, Activision Blizzard (ATVI) rose 5% and CrowdStrike (CRWD) fell 5.4% to close at $84.08.
Stocks rose after the U.S. backed off on Chinese tariff threats. Meanwhile, JD.com and Tencent Music Entertainment reported better-than-expected Q2 results.
Chinese music streaming giant Tencent Music Entertainment (TME) reported its second-quarter earnings results after the closing bell on August 12.
General Electric, JD.com, Tencent Music, Advance Auto Parts and CIT Group are the companies to watch on Tuesday, August 13, 2019.
Shares of China’s music streaming giant Tencent Music (TME) were down more than 7.0% after-hours today. But why did they fall after strong earnings results?