Tencent Music Entertainment Group Class A (HK:1698) has released an update.
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Tencent Music Entertainment Group reported a solid financial performance for the third quarter of 2024, with a 6.8% increase in total revenues to RMB7.02 billion, driven by substantial growth in music subscription services. The company also saw a significant 35.3% rise in net profit, highlighting its strategic focus on expanding its music subscriber base and enhancing profitability. Tencent Music’s robust cash reserves and ongoing share repurchase program underscore its strong financial position and commitment to delivering long-term value.
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