BUZZ-China's Tencent Music rises as quarterly revenue beats estimates

Reuters2023-11-15

** Hong Kong shares of China's Tencent Music Entertainment Group rise 4.4% to HK$29.45, their highest since Nov 6

** Stock on track for biggest one-day pct rise since Oct 17, if gains hold; up after three-session slide

** U.S.-listed shares rose 3.1% on Tuesday

** Tencent Music beat third-quarter revenue estimates on Tuesday, as steady growth in paid subscriptions on its streaming platforms helped offset impact of Beijing's ongoing crackdown on online gambling

** Tencent- backed music streaming platforms operator's total revenue fell 10.8% YoY to 6.57 bln yuan ($901 mln), but exceeded Wall Street estimates of 6.31 bln yuan

** Jefferies maintains "buy", saying 3Q23 total revenue ahead of market expectations

** Citi keeps "neutral", saying 3Q23 revenues and profit beat

** Tencent shares rise as much as 3.1% to HK$317.20, highest since Oct 12

** The Hang Seng Tech Index rises 2.7%, the Hang Seng Index adds 2.3%

** Tencent Music stock down 10.1% YTD

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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