November 11, 2019 / 9:41 PM / a month ago

Tencent Music beats quarterly revenue estimates on higher paying users

Nov 11 (Reuters) - China's Tencent Music Entertainment Group 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, rose about 31% to 6.51 billion yuan, above estimates of 6.45 billion yuan, according to IBES data from Refinitiv. ($1 = 6.9941 Chinese yuan renminbi) (Reporting by Ayanti Bera in Bengaluru and Pei Li in Beijing)

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