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Tuesday, March 22, 2022

TENCENT PROFITS SPIKE

Chinese music-streaming behemoth Tencent saw a 7.2% spike in revenue in 2021, raking in $4.9b. Net profit was up 30% to $505m.

Growth was driven by a 36% increase in music subscriptions, which added 20.2m users in 2021. Among its four apps, Tencent has 615m monthly active users.

Online-music-service revenue hit $1.8b, up 22.7% from 2020.

The company, which trades on the NYSE, is eyeing a secondary listing on the Hong Kong Stock Exchange.

 
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