Corrected: China's Tencent Music Q2 revenue rises on increased concert, merchandise sales

Tencent Music Entertainment

11/08/2026 10:14

Corrects second metric in Key Details table to Adjusted Earnings per ADS from Adjusted EPS

Overview
China music and audio platform's Q2 revenue grew 5.8% yr/yr, driven by music services
Q2 adjusted EPS rose yr/yr
Company repurchased 43.5 mln ADSs for US$400 mln in Q2

Outlook
Company did not provide specific financial guidance for the current or future periods

Result Drivers
MEMBERSHIP SERVICES - Growth in Q2 membership services revenue was driven by expanded SVIP offering and the consolidation of Ximalaya
MARKETING & CONSUMPTION SERVICES - Strong Q2 growth in marketing and consumption services, including offline performances and merchandise sales
CONCERT & MERCHANDISE SALES - Robust growth in concert-related revenue and merchandise sales contributed to overall music services revenue

Company press release: ID:nPn6MCvlza

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
RMB 8.93 bln
 
Q2 Adjusted Earnings per ADS
 
RMB 1.70
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 17 "strong buy" or "buy", 11 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the online services peer group is "buy"
Wall Street's median 12-month price target for Tencent Music Entertainment Group is $14.30, about 44.4% above its August 10 closing price of $9.90
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads
Aug 11 - China's HUYA Q2 revenue rises as game services grow
Aug 10 - China's Sohu.com Q2 revenue rises on growth in online gaming
Aug 11 - China Literature interim profit sinks on higher costs

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)