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Why Tencent Music Stock Was Moving Higher Today

Why Tencent Music Stock Was Moving Higher Today

Shares of Tencent Music (NYSE: TME) were gaining today after the Chinese music streaming company posted strong third-quarter earnings and benefited from braoder gains in China stocks. The company topped estimates on both the top and bottom lines, though revenue declined 5.6% to $1.04 billion, which was ahead of expectations at $994.3 million. Tencent Music is in the midst of a strategic shift from free users to paying ones, meaning it's sacrificing revenue for profitability.