CHINA'S TME IN THE FOURTH QUARTER INCREASED NET PROFIT AND REVENUE
According to the quarterly report of the Chinese developer of music streaming services Tencent Music Entertainment Group, for the period from October to December last year, its net profit reached 1.2 billion yuan, an increase from the figure of the same three months of the previous year of 1.04 billion yuan. At the end of the reporting period, adjusted earnings of 0.80 yuan, or 12 cents per share, fell short of the experts ' estimate of 13 cents per share. The company's revenue was also lower than the economists ' forecast. Its volume for the year increased by 14% to 8.34 billion yuan, or $1.28 billion, while economists had expected this figure at $1.29 billion. The company's online music services generated revenue of 2.76 billion yuan, up 29% from the previous year. Revenue from music subscriptions for the quarter was recorded at 1.58 billion yuan, an increase of 41.9% over the year. By the end of 2020, the company's net profit increased by 4.3%, reaching 4.16 billion yuan. Revenue was 29.15 billion yuan, up 14.6% in twelve months.