Tencent Music Entertainment shares rose Tuesday after second-quarter results beat expectations, according to Benzinga. Revenue grew 17.9% year-over-year to $1.18 billion, driven by strong online music services despite a decline in social entertainment revenue. Adjusted EPADS of 23 cents exceeded the 19-cent consensus. Music subscription revenue rose 17.1% to $611 million, with paying users up 6.3% to 124.4 million and average revenue per user up 9.3%. Executive Chairman Cussion Pang said Tencent Music saw strong year-over-year gains in revenue and profit in the second quarter, driven by music subscriptions. He highlighted momentum in advertising, concerts, and merchandise, and reaffirmed plans to build a one-stop music platform that empowers creators and connects with listeners. Shares are up 100% year-to-date.
