Reports Q3 revenue $1.04B, consensus $994.31M. The year-over-year decline in online music mobile MAUs was primarily due to churn of casual users amid competition from pan-entertainment platforms, as well as cost optimization measures to focus on boosting monetization efficiency as a platform of scale. "As we are employing a balanced approach to grow paying users and ARPPU, revenues from online music services increased at a healthy pace in the third quarter, driven by year-over-year gains in subscriptions. Meanwhile, effective cost optimization measures and improved operating efficiency led to increased profitability amid challenging macro conditions this quarter," said Cussion Pang, executive chairman of TME. "Leveraging our dual engine content-and-platform strategy, we introduced more resources and optimized services to furnish music content creators and musicians with the tools they need and music lovers with the sounds and features they want. Each new element we offer drives the development of our business and the overall industry. Furthermore, completing our listing on the Main Board of The Stock Exchange of Hong Kong, in addition to our primary listing on the NYSE, demonstrates our commitment to protecting long-term value for shareholders. Also, as a token of confidence in our Company’s bright future, as of the end of the third quarter, we had repurchased over $800 million of our stock, pursuant to the $1 billion share repurchase program we announced last year."
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on TME:
