Why Tencent Music Entertainment Group Was Music to Investor Ears This Week
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Tencent Music Entertainment Group (TME) saw its stock rise nearly 12% following a better-than-expected earnings report. For Q4 2024, the company reported total revenue of 7.46 billion yuan ($1.03 billion), an 8% increase year-over-year, driven by an 18% rise in music subscriptions. Profit also grew to 2.08 billion yuan ($287 million), exceeding analyst expectations. Executive chairman Cussion Pang highlighted the company's initiatives in reshaping the music industry. Despite positive growth, investors should consider the current economic climate in China.
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