Tencent Music Shares Rise 5.1% on Strength in Online Music Services Business

By Ben Glickman

Shares of Tencent Music Entertainment Group rose Tuesday after the company's online music services business lifted earnings.

American depository receipts of Tencent Music were up 5.1%, to $6.47, in midday trading. Shares have fallen 22% this year.

The Shenzhen, China-based music-streaming platform's online music services revenue rose 48%, to 4.25 billion yuan ($586 million), surpassing the $540 million expected by analysts polled by FactSet. The company's total revenue rose 5.5% to CNY7.29 billion ($1.01 billion), roughly in line with analysts' estimates.

Tencent Music reported a profit of CNY1.3 billion ($179 million) in the second quarter, compared with CNY856 million a year earlier.

The company said it reached 100 million paying users in online music in June.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

August 15, 2023 14:00 ET (18:00 GMT)

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