CHINA’S Tencent Music Entertainment Group beat fourth-quarter revenue estimates on Tuesday (Mar 19), driven by growth in paid subscription on its Spotify-like music streaming platform.
The audio entertainment platform reported revenue of 6.89 billion yuan (S$1.3 billion) for the quarter. Analysts on average had expected revenue of 6.71 billion yuan, according to LSEG data.
US- listed shares of Tencent Music rose 2 per cent premarket trading.
The company’s online music service revenue jumped 41.1 per cent to 5.02 billion yuan year on year, thanks to steady growth in paid subscriptions and advertising services.
Tencent Music’s earnings per American depository share (ADS) stood at 0.83 yuan, compared to 0.72 yuan in the same period a year earlier. REUTERS
