China's Tencent Music hits record high on Q1 revenue beat

Tencent Music Entertainment

14/05/2024 03:29

** Shares of China's Tencent Music Entertainment Group
 1698.HK  jump 12.1% to HK$61.50, their highest level since
debut in September 2022
    ** Stock on track for third straight session of gain, if
gains hold 
    ** Also on course for the biggest one-day pct rise since
November 2022, if gains hold 
    ** U.S.-listed stock  TME.N  jumped 10.9% on Monday
    ** Tencent Music beat Q1 revenue estimates on Monday on
strong growth in paid subscriptions and advertising services on
its Spotify-like music streaming platform
    ** Online music and subscription revenue "well on track" for
full year 2024, with profitability expected to do "slightly
better than previously anticipated" - Chairman Cussion Pang 
    ** Tencent  0700.HK  shares rise 1.5%
    ** Hang Seng Tech Index  .HSTECH  rises 2.1%, Hang Seng
Composite Index  .HSCI  climbs 0.4% and Hang Seng Index  .HSI 
adds 0.3%
    ** Stock of Tencent Music up 76.3% YTD  

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))