China's Tencent on Aug. 14 reported revenue of 89 billion yuan in the three months to end-June, an increase of 21% from the same period last year.
Adjusted earnings, excluding share-based compensation and other one-offs, rose 19% to 23.5 billion yuan. That compares to the average analyst forecast of 22.1 billion yuan, according to data from Refinitiv. Separately, French media conglomerate Vivendi on Aug. 6 confirmed that it was in talks with Tencent to sell 10% of its record label, Universal Music Group. The deal would give Universal a preliminary equity valuation of 30 billion euros, and China’s Tencent would have a one-year call option to buy a further 10% of the business at the same price.
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