Tencent Music Entertainment Group reported total revenue of approximately RMB 8.93 billion [3] for the second quarter of 2026.
The results highlight the company's shift toward a music-plus-audio ecosystem, though the stock market reacted negatively to the announcement.
Financial data shows that total revenue for the period reached between RMB 8.9 billion [1] and RMB 8,933 million [3]. This growth was supported by music-related services, which saw a year-over-year revenue increase of 11 percent [1]. Membership services specifically contributed RMB 4.8 billion [1], representing an eight percent increase compared to the previous year [1].
Net income for the second quarter was CNY 2,471 million [3]. Alongside these earnings, the company announced it has completed a share buyback program totaling US$400 million [3].
Despite the revenue growth and the buyback, the company's stock price fell 9.4 percent [3] after the results were released. This decline occurred as the company continues to integrate Ximalaya into its broader audio strategy.
During the earnings conference call, Millicent, the head of investor relations, welcomed participants to the session. CEO Pang highlighted the company's strategic partnerships, saying, "We deepened our partnerships with Dream Music Group."
The company continues to focus on expanding its audio ecosystem to diversify revenue streams beyond traditional music streaming.
“Tencent Music reported total revenue of approximately RMB 8.93 billion for the second quarter of 2026.”
The divergence between Tencent Music's fundamental growth and its stock price suggests investor skepticism regarding the long-term scalability of its new audio integrations. While the US$400 million buyback demonstrates confidence from leadership, the immediate market dip indicates that revenue growth in membership services may not be enough to offset broader market concerns or expectations for the Ximalaya integration.
