Why Tencent Music Entertainment Stock Was Up This Week
Week to date, shares of Tencent Music Entertainment Group (NYSE: TME) were up 12% as of 2:44 p.m. ET on Thursday, according to data provided by S&P Global Market Intelligence.
In its second-quarter earnings release on Aug. 15, Tencent Music reported strong revenue growth from online music services, driving total revenue up 5.5% year over year. Revenue was in line with expectations, but demand for the company's online music platform surpassed estimates, sending the stock higher.
Revenue from Tencent's online music services, including QQ Music, Kugou Music, Kuwo Music, and WeSing, has accelerated since the end of 2022. This follows strong performance from the streaming leader Spotify Technology. Market sentiment has been positive for leading music streaming stocks lately. Shares of Tencent Music are up 43% over the last year, although the share price has fallen 17% since the beginning of 2023.
Source Fool.com
