Jingwu Financial News | tencent music (01698) faced a setback in early trading, down 8.18% at 41.55 HKD as of the time of writing, with a transaction value of 1.34 million HKD. It is important to note that the stock closed down 5.45% in the U.S. market last night and fell another 1.92% during the night trading session as of the time of writing.

In terms of news, the company announced its performance for the third quarter of 2024. During this period, the profit attributable to equity holders amounted to 1.583 billion yuan (RMB, the same below), representing a year-on-year increase of 35.33%; the earnings per share for Class A and Class B ordinary shares was 0.51 yuan. Meanwhile, the group's revenue reached 7.015 billion yuan, up 6.79% year-on-year. In the first three quarters, the profit attributable to equity holders was 4.687 billion yuan, a year-on-year increase of 29.69%. The earnings per share for Class A and Class B ordinary shares was 1.52 yuan. During the period, the group's revenue totaled 20.943 billion yuan, a year-on-year increase of 0.4%.

China International Capital Corporation released a research report indicating that tencent music's revenue for Q3 2024 was 7.015 billion yuan, an increase of 6.8% year-on-year, which is basically in line with the bank's estimate (7.041 billion yuan) and the consensus expectation (7 billion yuan); Non-IFRS net income was 1.814 billion yuan, a year-on-year increase of 28.8%, with a slight decline compared to the previous quarter, slightly lower than the bank's estimate (1.897 billion yuan) and the consensus expectation (1.919 billion yuan), mainly due to higher-than-expected sales and management expenses.