Tuesday, 11 Aug 2020 12:40 PM MYT
SHANGHAI, Aug 11 ― China's Tencent Music Entertainment Group said yesterday its quarterly revenue leaped 18 per cent, beating Wall Street estimates, as it put more music for streaming behind its paywall and grew its paid subscriber base by more than half. Asked whether TME had a plan to deal with a recommendation from President Donald Trump's administration over auditing US-listed Chinese firms, Chief Strategy Officer Tony Yip told analysts in a briefing that it was “premature” to speculate over a potential delisting.
For the quarter ended June 30, TME said paid users of its online music service rose 52 per cent to 47.1 million, the fastest quarter on record according to TME. Net income attributable to shareholders rose 1.3 per cent to 939 million yuan from 927 million yuan a year earlier.
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