Tencent Music Beats Quarterly Revenue Estimates
China’s Tencent Music Entertainment Group on Tuesday reported better-than-expected quarterly revenue as it added more paying users to its music streaming service, at a time when many people are homebound due to the COVID-19 pandemic.
Revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd , rose to 7.58 billion yuan (£865 million) in the third quarter ended Sept. 30, from 6.51 billion yuan in the year ago.
Analysts had expected revenue of 7.47 billion yuan, according to IBES data from Refinitiv.
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