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Markets News

Tencent Music beats quarterly revenue estimates

Nov 10 (Reuters) - 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 ($1.15 billion) in the third quarter ended Sept. 30, from 6.51 billion yuan ($910 million) in the year ago.

Analysts had expected revenue of 7.47 billion yuan, according to IBES data from Refinitiv. ($1 = 6.6146 Chinese yuan renminbi) (Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh Kuber)

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