Tencent Music (TME) Shares Surge Over 9% on Strong Q3 Performance

Dec 09, 2024

Tencent Music Entertainment Group (TME, Financial) saw its stock rise over 9%, reaching $13.73. The company's third-quarter results showed a 20.3% year-over-year increase in online music subscription revenue, totaling 3.84 billion yuan. Service revenue also grew by more than 20%, with paid user numbers expanding to 119 million. The average revenue per paying user (ARPPU) hit a new high of 10.8 yuan. Additionally, the number of super VIP users reached 10 million.

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