Tencent Music's Average Revenue Per User Focus Signals Potential Profit Growth, Says Analyst

BofA Securities analyst Lei Zhang reiterated a Buy rating on Tencent Music Entertainment Group – ADR TME with a price target of $15, down from$18.Tencent Music reported a fiscal second-quarter 2024 revenue of $985.00 million (7.16 billion Chinese yuan), missing the analyst estimate of$996.68 million (7.12 billion Chinese yuan). The EPS of 16 cents (1.19 Chinese yuan) aligned with the consensus estimate. Tencent Music delivered a broadly inline second-quarter result, Zhang noted. At the same time, the comp ...