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China's Tencent Music tops quarterly revenue estimates

2023-11-14 17:59
(Corrects second paragraph to say revenue fell, not rose) China's Tencent Music Entertainment topped third- quarter revenue estimates
China's Tencent Music tops quarterly revenue estimates

(Corrects second paragraph to say revenue fell, not rose)

China's Tencent Music Entertainment topped third- quarter revenue estimates on Tuesday, helped by steady growth in paid subscriptions on its music streaming platform.

Total revenue of the Tencent Holdings Ltd-controlled company fell to 6.57 billion yuan ($900.94 million) in the third quarter. Analysts were expecting revenue of 6.31 billion yuan, according to LSEG data.

(This story has been corrected to say that the revenue fell, not rose, in paragraph 2)

($1 = 7.2924 Chinese yuan renminbi)

(Reporting by Harshita Mary Varghese; Editing by Pooja Desai)