Shares of Tencent Music Entertainment (NYSE: TME) surged more than 30% after it reported earnings for its third quarter of Fiscal Year 2022. Adjusted earnings per share came in at $0.12, which beat analysts' consensus estimate of $0.09 per share. Sales decreased by 14% year-over-year, with revenue hitting $1.04 billion. Nevertheless, this beat analysts' target by more than $49 million. In addition, the number of music subscribers increased to 85.3 million, equating to a gain of 20% on a year-over-year basis. Is TME Stock a Buy? TME stock has a Hold consensus rating based on one Buy, five Holds, and one Sell assigned in the past three months.
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