8/15, 10:09 PM (Source: TeleTrader)
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Tencent Music's Q2 revenue down by 13.8% to $1.03B

Chinese company Tencent Music Entertainment Group published on Monday its second quarter financial results. According to the latest data, its total revenues amounted to $1.03 billion, falling by 13.8% on a yearly basis.

Revenue attributed to online music services also noted a decrease of 2.4% year-on-year, while revenues from music subscriptions rose by 17.6% for the same period to land at $430 million. At the same time, the company's net profit stood at $133 million in the second three-month period of the year.

''To demonstrate our confidence in the Company's prospects, by the end of the second quarter, we had completed over $700 million of the $1 billion share repurchase program announced last year, and plan to complete the rest of the program throughout the rest of the year," Tencent's report read.

The company's shares went up by 1.93% in the after-hours trading following the release of the latest financial results.

Baha Breaking News (BBN) / MM