Tencent Music’s 2022Q2 financial report released: the $1 billion stock repurchase plan continues, and more than 70% of it has been completed


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Pinwan News on August 16, Tencent Music Entertainment Group (NYSE: TME) released its unaudited 2022 Q2 financial report. The financial report shows that despite the complex and volatile macro environment and the transformation of growth drivers in the Internet industry, Tencent Music continued to improve quality and efficiency in the second quarter . The core data such as these were relatively under pressure year-on-year, but they stabilized month-on-month and achieved positive growth, all meeting market expectations ; many of its businesses achieved dazzling results through solid efforts and innovation this quarter, and continued to protect the value of music during the period of industry development and transformation. of multiple releases.

At the same time, Tencent Music announced in its financial report that its $1 billion stock repurchase plan announced in March 2021 has been completed by more than 70% by the end of the second quarter of this year, and will continue to advance.

Peng Jiaxin, Executive Chairman of Tencent Music Entertainment Group, said: “As of the end of the second quarter, based on our confidence in the company’s prospects, we have completed the repurchase of over US$700 million in the US$1 billion share repurchase plan announced last year, and will also The remainder will be completed within this year.”

Since the beginning of this year, popular Chinese stocks such as Alibaba, Bilibili, and BOSS Zhipin have announced stock repurchase plans, showing that the company is full of confidence in its own business prospects and prospects. It is expected to be further boosted.

In the latest research report, the long-term development prospects of Tencent Music and China’s online music industry are still optimistic about many investment institutions. According to Bank of America Securities, based on the healthy growth of Tencent Music’s online music subscription business in the first quarter, it is expected that while online music paying users will continue to grow, online music ARPPU will also achieve healthy development. Essence Securities believes that Tencent Music still has a leading edge in terms of user base, product matrix layout and music content, and is actively exploring new businesses such as long audio by continuing to strengthen its linkage with Tencent’s ecosystem. Its commercialization potential needs to be further released in the future. . CITIC Securities also gave an “overweight” rating, and said that from a long-term perspective, it is optimistic about the long-term growth trend of Tencent Music’s online music .

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