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Tencent Music Stock Surges 12% on Strong Quarterly Results
Tencent Music Stock Surges 12% on Strong Quarterly Results
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BTCCSquare news:
Tencent Music Entertainment (TME) shares jumped nearly 12% Tuesday after reporting better-than-expected Q2 earnings. The Chinese music streaming giant posted 8.44 billion yuan ($1.2 billion) in revenue, an 18% year-over-year increase, with online music services growing 26% to 6.85 billion yuan.
Net income soared 38% to 2.5 billion yuan, beating analyst estimates. Executive chairman Cuisson Pang emphasized building a "vibrant, one-stop music service destination" as the company continues scaling its platform.
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