摩根士丹利发表研究报告指，腾讯音乐第三季总收入按年增长21%至85亿元，较该行预期高2.8%。其中，音乐订阅收入按年增长17%至45亿元，大致符合该行预期。付费用户数按季增加130万，每付费用户平均收入(ARPPU)为每月11.9元，按年增长11%。盈利方面，经调整非国际财务报告准则净利润按年增长33%至24亿元，较该行预期高5.1%。毛利率为44.6%，按季下降0.8个百分点，按年上升0.7个百分点，主要受惠于音乐订阅业务的强劲经营杠杆及自制内容效益，而按季下跌可能因线下内容投入增加。该行等待业绩会议透露更多前景展望，现予其美股目标价27.5美元及“增持”评级。
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