Tencent Music Shares Gain 16% on Earnings, Analyst Upgrades as Music Stocks Surge to New High

  • 📰 billboard
  • ⏱ Reading Time:
  • 36 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 63%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Tencent Music shares gained on its earnings release as music stocks hit an overall high thanks to performers like Cloud Music, Spotify and UMG.

on Monday , which showed net profit rising 28% to $212 million as music subscription revenue surpassed $500 million and the company’s subscribers rose by 7 million to 113 million. Online music revenue climbed 43% to $693 million, helping offset a nearly 50% decrease in social entertainment revenues to $244 million.with Kakao Entertainment for distribution in China. Kakao has over 50 “star” artists and 70,000 tracks, according to a press release announcing the pact.

The 20-company Billboard Global Music Index rose 3.3% to a record 1,847.64, topping the previous high mark of 1,841.66 for the week ended April 5. While there were an equal number of winners and losers, the three top performers had double-digit gains — Cumulus Media was up 18% — while the worst-performing stock, Sphere Entertainment Co., fell 8.1%. Most of the index’s most valuable companies posted gains this week: Spotify increased 2.8% to $302.84, Universal Music Group rose 2.6% to 28.

B. Riley resumed coverage of Reservoir Media on Thursday with a “buy” rating and an $11 price target. Reservoir shares rose 0.2% to $8.40 this week. The company will release first-quarter earnings on May 30.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 112. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Live Nation Shares Up 7% After Record Quarter, Universal Music Shares Gain on Earnings & TikTok RenewalLive Nation shares climbed 7.2% after record first quarter results were released and management commented about a potential antitrust lawsuit.
Source: billboard - 🏆 112. / 63 Read more »

Stock market today: Asian shares mostly gain after tech shares lead Wall St higherAsian markets are mostly higher after another day of gains on Wall Street led by technology stocks.
Source: wjxt4 - 🏆 246. / 63 Read more »

Stock market today: Asian shares mostly gain after tech shares lead Wall St higherAsian markets are mostly higher after another day of gains on Wall Street led by technology stocks.
Source: ksatnews - 🏆 442. / 53 Read more »

Stock market today: Asian shares gain despite Wall Street’s tech-led retreatAsian shares advanced on Thursday even after sinking technology stocks sent Wall Street lower in the S&P 500's worse losing streak since the start of
Source: Mynorthwest - 🏆 438. / 53 Read more »