Tencent Music Entertainment Group (NYSE:) reported its , with EPS of $0.06 coming in worse than the consensus estimate of $0.07. Total revenues declined 15.1% year-over-year to $1.05 billion, missing the consensus estimate of $1.23 billion, due to the headwinds in an evolving market landscape.
Revenues from online music services in Q1 were down 4.8% to $413 million. Revenues from music subscriptions grew 17.8% year-over-year to $314 million, with online music paying users reaching 80.2 million (up 31.7% year-over-year) and paying ratio increasing to 13.3% from 12.4% and 9.9% in Q4 and Q1/21, respectively.
Revenues from social entertainment services and others in Q1 were down 20.6% to $635 million.
Shares of Tencent Music were down 40% year-to-date into the results.
By Davit Kirakosyan