Tencent Music Entertainment Group (TME) reported RMB 6.9 billion ($1 billion) in revenue for the second quarter of 2022, beating the consensus revenue estimate of $991.9 million, according to Seeking Alpha. Revenue fell 13.8% from last year, but a 3.9% increase from the previous quarter. Gross margin for the second quarter of 2022 decreased by 0.5% to 29.9% from 30.4% in the same period of 2021. The decrease was due to declines in total revenues outpacing the reduction in the total cost of revenues. The company said they are taking measures to manage costs and increase efficiency. “The complex and volatile macro environment continued its impact on our total revenue growth in the second quarter of 2022,” said Peng Jiaxin, executive chairman of TME. [Tencent]
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