China's Tencent Music beats quarterly revenue estimates

Netease Cloud Music

16/05/2023 10:02

May 16 (Reuters) - China's Tencent Music Entertainment
Group  1698.HK   TME.N  on Tuesday reported higher revenue after
five straight quarterly declines, driven by growth in paying
users on its Spotify-like music streaming platform.    
    Total revenue of the company, controlled by Chinese tech
giant Tencent Holdings Ltd  0700.HK , stood at 7 billion yuan 
($1.01 billion) in the quarter ended March 31, compared with
analysts' estimates of 6.86 billion yuan, according to Refinitiv
data.

($1 = 6.9121 Chinese yuan renminbi)
  

 (Reporting by Samrhitha Arunasalam in Bengaluru; Editing by
Rashmi Aich)
 ((Samrhitha.A@thomsonreuters.com))