Tencent Music beats quarterly revenue estimates on user additions

(Reuters) – China’s Tencent Music Entertainment Group beat Wall Street estimates for quarterly revenue on Monday, as the music streaming service added more paying users during coronavirus-induced lockdowns.

Revenue of the company, controlled by Chinese tech giant Tencent Holdings Ltd <0700.HK>, rose 17.5% to 6.93 billion yuan ($995.53 million) during the second quarter, above estimates of 6.85 billion yuan, according to IBES data from Refinitiv.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Shinjini Ganguli)