Tencent Music's quarterly revenue beats on subscriber growth

China's Tencent Music Entertainment Group reported better-than-expected thi...

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

Tencent Music’s U.S.-listed shares rose as much as 2% before trading down about 1% in volatile extended trading. The social entertainment business reported 12.2 million paying users during the quarter, a rise of 23.2% from a year earlier. Tencent Music, which has a user base of more than 900 million, has been shifting more of its content behind a paywall since May.

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