Tencent Music Entertainment‘s () stock recently popped after the Chinese music streaming giant posted its third-quarter numbers. Its revenue rose 31% annually to 6.51 billion yuan ($910 million), which missed expectations by $3.5 million.
However, its net income rose 6% to 1.03 billion yuan ($144 million), while its net income grew 8% to 1.24 billion ($173 million), or $0.11 per ADS, which beat expectations by two cents. Those results were mixed, but a deeper dive reveals a few key numbers which brought back the bulls.
Its online music business is growing
TME generated 28% of its revenue from its online music business, which includes its music streaming apps (QQ Music, Kugou, and Kuwou) and digital downloads. The unit’s annual growth in paid