Tencent Music beats quarterly revenue estimates (updated)

Tencent Music Entertainment

19/03/2024 09:18

(Adds shares in paragraph 3, details about results in paragraph
4, 5)
       March 19 (Reuters) - China's Tencent Music Entertainment
Group  1698.HK   TME.N  beat fourth-quarter revenue estimates on
Tuesday, driven by growth in paid subscription on its
Spotify-like music streaming platform.
    The audio entertainment platform reported revenue of 6.89
billion yuan ($957.02 million) for the quarter. Analysts on
average had expected revenue of 6.71 billion yuan, according to
LSEG data.
        U.S.- listed shares of Tencent Music rose 2% premarket
trading.
  
        The company's online music service revenue jumped 41.1%
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.
  
        
  
    ($1 = 7.1994 Chinese yuan renminbi)
  

 (Reporting by Priyanka.G in Bengaluru; Editing by Maju Samuel)
 ((Priyanka.G@thomsonreuters.com;))