Tencent Music’s quarterly revenue beats on subscriber growth


China’s Tencent Music Entertainment reported better-than-expected third-quarter revenue on Monday, as the streaming company added more paying users.

However, it recorded the slowest rise in a widely watched metric for its biggest business, social entertainment services, which executives attributed to growing competition.

Tencent Music’s U.S.-listed shares rose as much as 2% before trading down about 1% in volatile extended trade.

The company’s monthly average revenue per paying user from its social entertainment services unit rose 7.4% to 127.3 yuan ($18.20), the slowest growth since it went public in December.

“We recognize that it may be slightly below where we previously thought it would…

Source cnbc.com

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