Tencent Music Q4 Earnings Up; To Buy Back Up To $1 Bln Shares

(RTTNews) - Tencent Music Entertainment Group (TME), an online music and audio entertainment platform in China, on Tuesday announced that net income increased in the fourth quarter compared with last year.

In the fourth quarter, net income increased to RMB 1.96 billion, or $268 million from RMB 1.31 billion last year.

Earnings per ordinary share were RMB 0.63, or $0.09 versus RMB 0.42 last year.

Earnings per share American Depository Shares were 1.26 or $0.17 versus RMB 0.83 in the previous year.

Adjusted net income was RMB 2.28 billion or $312 million, compared to RMB 1.58 billion in the previous year.

Adjusted earnings per share were RMB 0.73 or $0.10 versus RMB 0.50 last year.

Adjusted earnings per ADS were RMB 1.47 or $0.20 versus RMB 1.00 last year's quarter.

Operating profit came in at RMB 2.41 billion or $330 million, compared with RMB 1.71 billion in the prior year.

Revenue rose to RMB 7.46 billion or $1.02 billion from RMB 6.89 billion in the last year's quarter.

Further, for the 2024 fiscal year, the company will be paying a cash dividend of $0.09 per ordinary share, or $0.18 per ADS to shareholders who own these securities as of April 3. The total payout will be about $273 million. Payments are expected around April 17 for ordinary shareholders, and around April 24 for ADS holders.

In addition, the board has approved a new share buyback program of up to $1 billion for Class A ordinary shares over 24 months, starting in March 2025. This follows the completion of a $500 million buyback announced in March 2023.

In the pre-market trading, Tencent Music is 1.3% higher at $13.23 on the New York Stock Exchange.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.