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Reported Q: Q3 2024 Rev YoY: +6.8% EPS YoY: +35.1% Move: -0.63%

Tencent Music

TME

$9.43 -0.63%

Exchange NYSE Sector Communication Services Industry Internet Content Information

Q3 2024

Published: Sep 30, 2024

Company Status Snapshot

Fast view of the latest quarter outcome for TME

Reported

Report Date

Sep 30, 2024

Quarter Q3 2024

Revenue

7.02B

YoY: +6.8%

EPS

1.01

YoY: +35.1%

Market Move

-0.63%

Previous quarter: Q2 2024

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Earnings Highlights

Revenue of $7.02B up 6.8% year-over-year
EPS of $1.01 increased by 35.1% from previous year
Gross margin of 42.6%
Net income of 1.58B
""Our effective monetization of online music services and operational efficiency in management continue to drive strong financial results in the third quarter of 2024." - Shirley Hu, CFO." - Shirley Hu

TME

Tencent Music Entertainment Group

Period Q3 2024

Currency CNY

Report Type Quarterly Earnings

Generated Mar 30, 2026

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Executive Summary

In Q3 2024, Tencent Music Entertainment Group (TME) demonstrated solid financial results, with total revenue of RMB 7 billion, reflecting a 7% increase year-over-year. The company's net income was RMB 1.9 billion, marking a substantial 29% rise from the prior year. TME management highlighted its successful execution of the 'five-star approach' for growth, with online music services revenue surging by 20%. The company effectively integrated across its platforms, driving increased user engagement and enhancing subscription revenue significantly.

Key Performance Indicators

Revenue

Increasing

7.02B

QoQ: -2.03% | YoY: 6.79%

Gross Profit

Increasing

2.99B

42.64% margin

QoQ: -0.63% | YoY: 27.71%

Operating Income

Increasing

2.14B

QoQ: -2.46% | YoY: 50.46%

Net Income

Increasing

1.58B

QoQ: -5.89% | YoY: 35.53%

EPS

Increasing

1.00

QoQ: -8.26% | YoY: 35.14%

Revenue Trend

Margin Analysis

Financial Highlights

Total revenues reached RMB 7 billion, a 7% year-over-year increase, driven primarily by a 20% increase in online music revenues to RMB 5.5 billion. Operating income improved by 50.5% to RMB 2.14 billion, while net income soared 29% to RMB 1.9 billion. The gross margin expanded to 42.6%, illustrating TME's operational efficiency, bolstered by a rising subscriber base and successful advertising campaigns. The ARPU (Average Revenue Per User) was RMB 10.8, and the total number of online music users reached 119 million, with 2 million net new users added in the quarter.

Income Statement

Metric	Value	YoY Change	QoQ Change
Revenue	7.02B	6.79%	-2.03%
Gross Profit	2.99B	27.71%	-0.63%
Operating Income	2.14B	50.46%	-2.46%
Net Income	1.58B	35.53%	-5.89%
EPS	1.00	35.14%	-8.26%

Key Financial Ratios

Gross Profit Margin

Good

42.60%

Gross profit margin is healthy and competitive within industry standards

Operating Profit Margin

Excellent

30.60%

Operating margin is exceptional, indicating strong pricing power and operational efficiency

Net Profit Margin

Excellent

22.60%

Net profit margin is exceptional, indicating strong pricing power and operational efficiency

Return on Assets

Weak

1.87%

Return on assets suggests inefficient capital allocation

Return on Equity

Weak

2.49%

Return on equity suggests inefficient capital allocation

Current Ratio

Healthy

2.26

Current ratio shows adequate liquidity to meet short-term obligations

Debt to Equity

Conservative

0.06

Debt-to-equity shows conservative leverage and low financial risk

P/E Ratio

Value

10.57x

P/E ratio suggests potential undervaluation or stable earnings

Price to Book

Fair Value

1.05x

Price-to-book ratio reasonable for profitable companies

Historical Earnings Comparison

Period	Revenue ($M)	EPS ($)	YoY Growth	Report
Q3 2024	7,015.00	1.01	+6.8%	View
Q2 2024	7,160.00	1.07	-1.7%	View
Q1 2024	6,768.00	0.92	-8.9%	View
Q4 2023	6,893.00	0.82	-1.6%	View
Q3 2023	6,569.00	0.74	-10.8%	View

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Q2 2024 Report

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Q1 2024 Report

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Q4 2023 Report

Tencent Music Entertainment Group (TME) Q4 2023 Financial Results: A Robust Year-End Assessment amid Competitive Challenges...

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Q3 2023 Report

Tencent Music Entertainment Group (TME) Q3 2023 Results: Strong Subscription Growth Amid Social Entertainment Challenges...

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Tencent Music (TME) Q3 2024 Earnings Report

Company Status Snapshot

Earnings Highlights

Executive Summary

Key Performance Indicators

Revenue Trend

Margin Analysis

Historical Earnings Comparison

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