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China's Tencent Music beats quarterly revenue estimates

08/15/2022 | 04:10pm EDT
FILE PHOTO: Illustration picture of China's Tencent Music Entertainment Group

(Reuters) - China's Tencent Music Entertainment Group beat market estimates for quarterly revenue on Monday as the Spotify-like music streaming platform benefited from a jump in paying users.

Total revenue was 6.91 billion yuan ($1.02 billion) in the second quarter ended June 30, compared with the 6.62 billion yuan expected by analysts, according to Refinitiv IBES data.

($1 = 6.7715 Chinese yuan renminbi)

(Reporting by Tiyashi Datta in Bengaluru; Editing by Aditya Soni)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
SPOTIFY TECHNOLOGY S.A. 3.78% 92.88 Delayed Quote.-61.76%
TENCENT HOLDINGS LIMITED -2.42% 274 Delayed Quote.-38.53%
TENCENT MUSIC ENTERTAINMENT GROUP 5.06% 4.15 Delayed Quote.-42.34%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.23% 7.1599 Delayed Quote.12.81%
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