10 Firms Blowing Up by Double Digits Today

4. Tencent Music Entertainment Group (NYSE:TME)

Tencent Music jumped by 15.66 percent on Wednesday to end at $16.99 apiece as investor sentiment was boosted by a strong earnings performance in the first quarter of the year.

In its latest earnings release, Tencent Music Entertainment Group (NYSE:TME) said net income attributable to shareholders expanded by 202 percent to RMB4.291 billion from RMB1.422 billion registered in the same period last year.

Gross profit increased by 17 percent to RMB3.242 billion from RMB2.771 billion year-on-year, with online music services accounting for the largest revenue chunk.

In other news, Tencent Music Entertainment Group (NYSE:TME) recently renewed its multi-year licensing deal with Sony Music Entertainment and expanded its premium offerings, such as Dolby Atmos and 360 Reality Audio for SVIP members.

Following the results, Tencent earned a higher price target from investment firm Bernstein, which raised its price target to $15.50 from $15 apiece. Despite the price target significantly lower than the closing price, Bernstein remained optimistic about the company, as it maintained an “outperform” outlook.