Analyst Consensus ?
ConsensusHold22 ratings
Bullish1045.5%
Neutral1150.0%
Bearish14.5%
1 unmapped firm rating excluded from the percentages.
Tencent Music Entertainment Group · TME · FY2024 Q2 · Calendar Q3 2024
Tencent Music: SVIP and margin expansion support a positive outlook
The latest analysis supports a constructive but conditional view: subscriber growth, ARPPU expansion, premium SVIP offerings, and margin improvement are supporting momentum, while advertising sensitivity, competition, and uncertainty around the durability of ARPPU growth remain key tests.
Reported Before market openNYSECommunication Services
$12.58B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.16
Consensus $0.17
EPS surprise
-5.9%
Reported versus consensus
Reported revenue
$985.3M
Consensus $138.1M
Revenue surprise
+613.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-15.3%
Event window
SPY move
+1.6%
Same window
Abnormal move
-17.0%
Stock minus SPY
Volume
5.9×
Versus trailing sessions
Subsequent drift
-12.3%
Up to 20 sessions
TMESPY benchmark
Ask FN2 about TME FY2024 Q2
Transcript, numbers and history already loaded
Why did TME fall 15.3% after missing EPS estimates in FY2024 Q2?What changed in TME's guidance and outlook in FY2024 Q2?Give me the bull and bear case for TME after FY2024 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Management's emphasis shifted toward SVIP expansion, premium audio features, offline concerts and merchandise, and AI-generated content. Compared with the prior-quarter analysis, the current analysis reports continued subscriber momentum, higher ARPPU, and further gross-margin expansion, while guidance sentiment moved from raised to maintained.
Guidance delta
Management maintained a positive 2024 outlook, with focus on SVIP expansion, original content, and audio innovation.
Key takeaways
- Subscriber additions and higher ARPPU are supporting online-music revenue momentum.
- SVIP membership and premium audio features are central to the next phase of monetization.
- Gross margin reached 42%, while operating expenses were described as normalized.
- Offline concerts, ticketing, and merchandise are adding revenue and engagement.
- Advertising remains exposed to macro conditions and competition.
Management priorities
- Accelerate SVIP membership rollout and benefits
- Expand original content production and OST collaborations
- Increase offline concert frequency and related merchandise offerings
- Invest in AI-generated content and data-saving playback modes
- Continue audio enhancements including Dolby Atmos and ETS
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$8.51Current
$8Low
$15.32Average
$27.5High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 26, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Mizuho | Outperform | Outperform | Maintain | Aug 12, 2026 |
| China Renaissance | Hold | Buy | Downgrade | Aug 12, 2026 |
| JP Morgan | Neutral | Neutral | Maintain | May 14, 2026 |
| Barclays | Overweight | Overweight | Maintain | Mar 19, 2026 |
| UBS | Neutral | Buy | Downgrade | Mar 18, 2026 |
| Benchmark | Hold | Buy | Downgrade | Mar 18, 2026 |
| Macquarie | Neutral | Outperform | Downgrade | Mar 5, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Dec 22, 2025 |
| Citigroup | Buy | Buy | Maintain | Aug 12, 2025 |
| B of A Securities | Buy | Buy | Maintain | Aug 14, 2024 |
| HSBC | Hold | Hold | Maintain | Mar 20, 2024 |
| Goldman Sachs | Buy | Neutral | Upgrade | Mar 20, 2024 |
| Loop Capital | Hold | Buy | Downgrade | Sep 13, 2021 |
| Needham | Buy | Buy | Maintain | Aug 19, 2021 |
| Deutsche Bank | Hold | Buy | Downgrade | Aug 19, 2021 |
| Oppenheimer | Perform | Outperform | Downgrade | Feb 19, 2020 |
| Keybanc | Overweight | Downgrade | Feb 18, 2020 | |
| CCB International | Neutral | Outperform | Downgrade | Feb 18, 2020 |
| BOCOM International | Sell | Neutral | Downgrade | Feb 18, 2020 |
| New Street | Buy | Buy | Maintain | Oct 18, 2019 |
| Bank of America | Buy | Buy | Maintain | Aug 13, 2019 |
| Jefferies | Buy | Buy | Maintain | Aug 5, 2019 |
| Credit Suisse | Neutral | Outperform | Downgrade | Mar 20, 2019 |
Named analyst price targets
Upside is calculated against the persisted current price $8.51. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Nomura | Rachel Guo | $10 | $8.46 | +17.5% | Aug 13, 2026 |
| UBS | Analyst unavailable | $15 | $8.72 | +76.3% | Aug 12, 2026 |
| UBS | Analyst unavailable | $9.5 | $8.72 | +11.6% | Aug 12, 2026 |
| UBS | Wei Xiong | $13 | $10.16 | +52.8% | Mar 18, 2026 |
| Macquarie | Ellie Jiang | $10.7 | $11.37 | +25.7% | Mar 17, 2026 |
| Jefferies | Thomas Chong | $23 | $11.46 | +170.3% | Mar 17, 2026 |
| 86Research | Charlie Chai | $17.4 | $13.56 | +104.5% | Mar 6, 2026 |
| Morgan Stanley | Analyst unavailable | $25 | $17.79 | +193.8% | Dec 22, 2025 |
| Bernstein | Boris Van | $27.5 | $25.39 | +223.1% | Aug 13, 2025 |
| Macquarie | Ellie Jiang | $29.8 | $25.39 | +250.2% | Aug 12, 2025 |
| Macquarie | Ellie Jiang | $26.2 | $18.2 | +207.9% | Jun 17, 2025 |
| Barclays | Jiong Shao | $16 | $11.74 | +88.0% | Nov 6, 2024 |
| Bernstein | Boris Van | $14 | $11.26 | +64.5% | Nov 4, 2024 |
| Morgan Stanley | Yang Liu | $13 | $11.27 | +52.8% | Sep 25, 2024 |
| Bank of America Securities | Lei Zhang | $15 | $11.12 | +76.3% | Aug 14, 2024 |
| 86Research | Charlie Chai | $12 | $11.13 | +41.0% | Aug 14, 2024 |
| Daiwa | Candis Chan | $12 | $11.14 | +41.0% | Aug 13, 2024 |
| CFRA | Ahmad Halim | $17 | $14.62 | +99.8% | May 14, 2024 |
| Mizuho Securities | Wei Fang | $17 | $14.8 | +99.8% | May 14, 2024 |
| Mizuho Securities | Wei Fang | $15 | $13.38 | +76.3% | May 10, 2024 |
| Goldman Sachs | Lincoln Kong | $14 | $11.53 | +64.5% | Mar 20, 2024 |
| Citigroup | Alicia Yap | $12.3 | $11.52 | +44.5% | Mar 20, 2024 |
| HSBC | Charlene Liu | $10.4 | $11.69 | +22.2% | Mar 20, 2024 |
| Mizuho Securities | Wei Fang | $13 | $11.04 | +52.8% | Mar 19, 2024 |
| UBS | Kenneth Fong | $10.5 | $8.94 | +23.4% | Jan 24, 2024 |
| Macquarie | Ellie Jiang | $11 | $9.04 | +29.3% | Jan 10, 2024 |
| Mizuho Securities | Wei Fang | $11 | $8.34 | +29.3% | May 17, 2023 |
| Goldman Sachs | Ronald Keung | $8 | $8.74 | -6.0% | Jan 9, 2023 |
| Goldman Sachs | Lincoln Kong | $4.4 | $3.97 | -48.3% | Nov 6, 2022 |
| Deutsche Bank | Leo Chiang | $9 | $7.8 | +5.8% | Aug 18, 2021 |
| HSBC | Binnie Wong | $8 | $7.82 | -6.0% | Aug 17, 2021 |
| Jefferies | Thomas Chong | $16 | $7.82 | +88.0% | Aug 17, 2021 |
| Macquarie | Ellie Jiang | $5.1 | $7.82 | -40.1% | Aug 17, 2021 |
| US Tiger Securities | Bo Pei CFA | $24 | $10.46 | +182.0% | Jul 26, 2021 |
| Credit Suisse | Ivy Ji | $17 | $15.21 | +99.8% | May 20, 2021 |
| BOCOM International Holdings Company | Connie Gu | $23 | $14.85 | +170.3% | May 18, 2021 |
Track every rating change on TME the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationTencent Music Entertainment Group (TME) is a premier operator of online music entertainment platforms across the People's Republic of China, offering a range of services including music streaming, digital karaoke, and live interactive broadcasting. Its offerings encompass popular streaming platforms like QQ Music, Kugou Music, and Kuwo Music, which facilitate personalized music discovery and listening for users. The company also developed WeSing, an engaging application that allows users to sing, socialize with friends, share their performances, and explore songs sung by others.…
Historical context
All TME earningsCommunication Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| RCI Rogers Communications Inc. | FY2026 Q3 · Calendar Q4 2026 | +9.5% | -2.4% | Rogers Reaffirms 2026 Guidance as Capex Falls and MLSE Monetization Advances |
| OMC Omnicom Group Inc. | FY2026 Q3 · Calendar Q4 2026 | +2.2% | +2.6% | Omnicom pairs resilient demand with AI and integration progress |
| SPOT Spotify Technology S.A. | FY2026 Q3 · Calendar Q4 2026 | -11.6% | +11.1% | Spotify: resilient Q3 demand, with AI and audiobooks central to growth |
| CMCSA Comcast Corporation | FY2026 Q3 · Calendar Q4 2026 | +8.5% | +3.4% | Comcast balances wireless and Peacock gains against Q4 costs |
Latest beats and misses
Who reports nextBeat on EPS
- FCNCAFY2026 Q3 · October 23, 2026+19.9% EPS+8.2% move
- FCNCNFY2026 Q3 · October 23, 2026+19.9% EPS+0.2% move
- FCNCOFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- FCNCPFY2026 Q3 · October 23, 2026+19.9% EPS+1.0% move
- RDYFY2027 Q2 · October 23, 2026+24.0% EPS-0.2% move
- SLBFY2026 Q3 · October 23, 2026+3.7% EPS+7.1% move
Missed on EPS
- INFYFY2027 Q2 · October 23, 2026-4.8% EPS-6.6% move
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
Get the TME recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-26T04:10:42.657466+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-26T04:10:42.654678+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-26. For educational purposes only; not investment advice.