Tencent's latest earnings raises a cloud over Pony Ma's plans to buy a stake in Universal Music. mak_robyn says instead of more scale, Tencent needs to convince Chinese users to pay.
Quarterly adjusted earnings rose 19% to $3 bln but music and movies disappointed. It raises a cloud over Pony Ma's plans to buy a stake in Universal Music, and the broader scope of his entertainment ambitions. Instead of more scale, Tencent needs to convince Chinese users to pay.
China's Tencent on Aug. 14 reported revenue of 89 billion yuan ($12.7 billion) in the three months to end-June, an increase of 21% from the same period last year.
Adjusted earnings, excluding share-based compensation and other one-offs, rose 19% to 23.5 billion yuan. That compares to the average analyst forecast of 22.1 billion yuan, according to data from Refinitiv.Read more: ReutersBreakingviews
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