Tencent Music Entertainment beats quarterly revenue estimates

Tencent Music Entertainment beats quarterly revenue estimates.

stock :: 13hrs ago :: source - reuters

By Reuters

The logo of China's Tencent Music Entertainment Group is seen next to an earphone in this illustration picture taken March 22, 2021. REUTERS/Florence Lo/Illustration/File photo

(Reuters) - Tencent Music Entertainment (1698.HK) beat analysts' expectations for fourth-quarter revenue on Tuesday, backed by the strong growth of streaming services.

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For the three months through December, the company's revenue rose 8.2% from a year earlier to 7.46 billion yuan ($1.03 billion), above analysts' average estimate of 7.30 billion yuan, according to data compiled by LSEG.

($1 = 7.2228 Chinese yuan renminbi)

(Reporting by Kritika Lamba in Bengaluru and Yelin Mo in Beijing)