FILE PHOTO: Tencent Music Entertainment celebrate the company’s IPO on the floor of the New York Stock Exchange (NYSE) in New York, U.S., December 12, 2018. REUTERS/Bryan R Smith/File Photo
(Reuters) – China’s Tencent Music Entertainment Group (TME.N) beat Wall Street estimates for quarterly revenue on Monday, as the music streaming service attracted more paying users.
The company’s net income rose to 1.02 billion yuan ($145.84 million), in the third quarter ended Sept. 30, from 964 million yuan, a year earlier.
Revenue of the firm, controlled by Chinese tech giant Tencent Holdings Ltd (0700.HK), rose about 31% to 6.51 billion yuan, above estimates of 6.45 billion yuan, according to IBES data from Refinitiv.
Reporting by Ayanti Bera in Bengaluru and Pei Li in Beijing
Our Standards:The Thomson Reuters Trust Principles.
