"Performance" Tencent Music's non-IFRS net profit for the third quarter increased by over 32% year-on-year, rising nearly 3% in pre-market trading in the US

Tencent Music-SW (01698.HK) announced that in the first three quarters of this year, total revenue was RMB 24.261 billion, an increase of 15.84% year-on-year. Net profit was RMB 8.853 billion, up 88.9%.

In the third quarter alone, total revenue was RMB 8.463 billion, a year-on-year growth of 20.6%. Net profit was RMB 2.153 billion, an increase of 36% year-on-year. During the period, the non-International Financial Reporting Standards (non-IFRS) net profit attributable to shareholders was RMB 2.405 billion, up 32.6% year-on-year; basic and diluted earnings per American Depositary Share (ADS) were RMB 1.4 and RMB 1.38, respectively. The non-IFRS basic and diluted earnings per ADS were RMB 1.56 and RMB 1.54, respectively.

During the quarter, online music service revenue grew 27.2% year-on-year to RMB 6.97 billion; among them, online music subscription revenue grew 17.2% year-on-year to RMB 4.5 billion. The average revenue per paying user per month increased from RMB 10.8 in the same period of 2024 to RMB 11.9.

Tencent Music ADS (TME.US) rose 2.9% in pre-market trading, priced at $21.35