Analyst Consensus ?
ConsensusHold22 ratings
Bullish1045.5%
Neutral1150.0%
Bearish14.5%
1 unmapped firm rating excluded from the percentages.
Tencent Music Entertainment Group · TME · FY2025 Q2 · Calendar Q3 2025
TME posts strong Q2 growth as premium music and ads accelerate
TME's Q2 supports a constructive growth thesis: premium subscriptions, advertising and fan-economy services were expanding together. The durability of that growth depends on SVIP monetization, execution of new community and audio initiatives, and managing compliance and transaction risks.
Reported Before market openNYSECommunication Services
$12.10B market cap
90quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.23
Consensus $0.20
EPS surprise
+15.0%
Reported versus consensus
Reported revenue
$1.18B
Consensus $1.14B
Revenue surprise
+2.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+11.9%
Event window
SPY move
+1.1%
Same window
Abnormal move
+10.8%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
+0.3%
Up to 20 sessions
TMESPY benchmark
Ask FN2 about TME FY2025 Q2
Transcript, numbers and history already loaded
Why did TME rise 11.9% after beating EPS estimates in FY2025 Q2?What changed in TME's guidance and outlook in FY2025 Q2?Give me the bull and bear case for TME after FY2025 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The quarter added evidence of broader monetization beyond core streaming: advertising accelerated, fan-economy services became more meaningful, and management introduced Bubble and a pending Himalaya transaction as additional engagement and content initiatives.
Guidance delta
Management raised its outlook, expressing confidence that full-year 2025 revenue would exceed prior guidance.
Key takeaways
- Online music revenue grew 26% year over year, supported by subscription growth.
- SVIP membership reached 15 million, strengthening the premium-user trajectory.
- Advertising accelerated with new formats and the 618 shopping festival.
- Concerts, merchandise and other fan-economy services added a growing revenue pillar.
- Bubble, AI audio features and the pending Himalaya transaction broaden the product roadmap.
Management priorities
- Expand SVIP features and member benefits.
- Scale the Bubble community and add Chinese artists.
- Invest in AI music technology and in-car music partnerships.
- Grow fan-economy services through concerts and merchandise.
- Integrate long-form audio content if the Himalaya transaction is approved.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$7.93Current
$8Low
$15.32Average
$27.5High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 7, 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 $7.93. 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 | +26.1% | Aug 13, 2026 |
| UBS | Analyst unavailable | $15 | $8.72 | +89.2% | Aug 12, 2026 |
| UBS | Analyst unavailable | $9.5 | $8.72 | +19.8% | Aug 12, 2026 |
| UBS | Wei Xiong | $13 | $10.16 | +63.9% | Mar 18, 2026 |
| Macquarie | Ellie Jiang | $10.7 | $11.37 | +34.9% | Mar 17, 2026 |
| Jefferies | Thomas Chong | $23 | $11.46 | +190.0% | Mar 17, 2026 |
| 86Research | Charlie Chai | $17.4 | $13.56 | +119.4% | Mar 6, 2026 |
| Morgan Stanley | Analyst unavailable | $25 | $17.79 | +215.3% | Dec 22, 2025 |
| Bernstein | Boris Van | $27.5 | $25.39 | +246.8% | Aug 13, 2025 |
| Macquarie | Ellie Jiang | $29.8 | $25.39 | +275.8% | Aug 12, 2025 |
| Macquarie | Ellie Jiang | $26.2 | $18.2 | +230.4% | Jun 17, 2025 |
| Barclays | Jiong Shao | $16 | $11.74 | +101.8% | Nov 6, 2024 |
| Bernstein | Boris Van | $14 | $11.26 | +76.5% | Nov 4, 2024 |
| Morgan Stanley | Yang Liu | $13 | $11.27 | +63.9% | Sep 25, 2024 |
| Bank of America Securities | Lei Zhang | $15 | $11.12 | +89.2% | Aug 14, 2024 |
| 86Research | Charlie Chai | $12 | $11.13 | +51.3% | Aug 14, 2024 |
| Daiwa | Candis Chan | $12 | $11.14 | +51.3% | Aug 13, 2024 |
| CFRA | Ahmad Halim | $17 | $14.62 | +114.4% | May 14, 2024 |
| Mizuho Securities | Wei Fang | $17 | $14.8 | +114.4% | May 14, 2024 |
| Mizuho Securities | Wei Fang | $15 | $13.38 | +89.2% | May 10, 2024 |
| Goldman Sachs | Lincoln Kong | $14 | $11.53 | +76.5% | Mar 20, 2024 |
| Citigroup | Alicia Yap | $12.3 | $11.52 | +55.1% | Mar 20, 2024 |
| HSBC | Charlene Liu | $10.4 | $11.69 | +31.1% | Mar 20, 2024 |
| Mizuho Securities | Wei Fang | $13 | $11.04 | +63.9% | Mar 19, 2024 |
| UBS | Kenneth Fong | $10.5 | $8.94 | +32.4% | Jan 24, 2024 |
| Macquarie | Ellie Jiang | $11 | $9.04 | +38.7% | Jan 10, 2024 |
| Mizuho Securities | Wei Fang | $11 | $8.34 | +38.7% | May 17, 2023 |
| Goldman Sachs | Ronald Keung | $8 | $8.74 | +0.9% | Jan 9, 2023 |
| Goldman Sachs | Lincoln Kong | $4.4 | $3.97 | -44.5% | Nov 6, 2022 |
| Deutsche Bank | Leo Chiang | $9 | $7.8 | +13.5% | Aug 18, 2021 |
| HSBC | Binnie Wong | $8 | $7.82 | +0.9% | Aug 17, 2021 |
| Jefferies | Thomas Chong | $16 | $7.82 | +101.8% | Aug 17, 2021 |
| Macquarie | Ellie Jiang | $5.1 | $7.82 | -35.7% | Aug 17, 2021 |
| US Tiger Securities | Bo Pei CFA | $24 | $10.46 | +202.6% | Jul 26, 2021 |
| Credit Suisse | Ivy Ji | $17 | $15.21 | +114.4% | May 20, 2021 |
| BOCOM International Holdings Company | Connie Gu | $23 | $14.85 | +190.0% | 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 earningsLatest beats and misses
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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 · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-06T23:30:42.018494+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-06T23:30:42.015717+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 2026-10-06. For educational purposes only; not investment advice.