Why Tencent Music Stock Turned It Up to 11 on Tuesday

Investors were happy to crank Tencent Music (NYSE: TME) on Tuesday. Following the release of encouraging quarterly results by the China-based company, they sent its U.S.-traded American Depositary Shares nearly 12% higher in price on the day. That rate crushed the S&P 500 index's otherwise heartening 1.1% rise.In its second quarter, Tencent Music collected 8.44 billion yuan ($1.2 billion) in revenue, a strong (18%) year-over-year improvement for the company. The main driver of this growth was the take from online music services; this rose by 26% to 6.85 billion yuan ($953 million) for the period. Average revenue per user (ARPU) also headed north, rising to 11.7 yuan ($1.63) from 10.7 yuan ($1.49). Image source: Getty Images.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool