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Markets News

Tencent Music beats quarterly revenue estimates on user additions

Aug 10 (Reuters) - China’s Tencent Music Entertainment Group beat Wall Street estimates for quarterly revenue on Monday, as the music streaming service added more paying users during coronavirus-induced lockdowns.

Revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd, rose 17.5% to 6.93 billion yuan ($995.53 million) during the second quarter, above estimates of 6.85 billion yuan, according to IBES data from Refinitiv. ($1 = 6.9611 Chinese yuan renminbi) (Reporting by Munsif Vengattil in Bengaluru; Editing by Shinjini Ganguli)

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