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Caixin Global
Caixin Global

Tech Brief (Nov. 13): Tencent Music Beats Profit Estimates

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Tencent Music beats profit estimates

Tencent Music Entertainment Group delivered a stronger-than-expected quarterly performance, reporting a 36% jump in profit and solid revenue growth, even as the Chinese music streamer grappled with a declining user base. The company said third-quarter revenue rose 20.6% from a year earlier to 8.5 billion yuan ($1.2 billion), exceeding analysts’ expectations. Net profit attributable to shareholders reached 2.2 billion yuan. CEO Liang Zhu acknowledged the pressure from new rivals, naming Qishui Yinyue, Fanqie Changting and NetEase Cloud Music as key competitors. But he expressed confidence in Tencent Music’s “very favorable position,” highlighting its strengths in sound quality, karaoke features, and multidevice compatibility.

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