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Benzinga15:08 ET

Hong Kong Stock Market Update | Tencent Music-SW(01698) rose nearly 4%, Goldman Sachs believes that the net increase in paid users in the second quarter will be about 3.7 million, with strong momentum in the music business.

Tencent Music-SW (01698) rose nearly 4%. As of press time, it increased by 3.90% to HKD 58.60, with a turnover of HKD 3.147 million.

Zhitong FinanceJul 23 23:17 ET

Tencent Music (01698) rose 3.9%. Competitor Spotify (SPOT) reversed its loss year-on-year in Q2.

Music streaming service provider Spotify (SPOT) reversed its losses year-on-year in the second quarter, driving the upward trend of Tencent Music (01698) in the morning, which rose 3.9% to HKD 58.6 as of press time, with a turnover of HKD 30.357 million. On the news front, Spotify (SPOT) announced its second quarter financial performance. The net income was EUR 0.274 billion (USD 0.298 billion), compared to a loss of EUR 0.302 billion in the same period last year. The earnings per share were EUR 1.33. During the period, revenue increased by 20.2% year-on-year to EUR 3.81 billion (USD 4.14 billion), according to analysis.

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Goldman Sachs expects tencent music-SW (01698) second-quarter subscription revenue to increase by 30% and gives a "buy" rating with a target price of HKD 62.3.

In the second quarter of Tencent Music, subscription revenue growth reached 30% until mid-July, considering the high willingness and retention rate of users paying for subscriptions, it is estimated that net growth of quarterly paid users will be approximately 3.7 million.

Zhitong FinanceJul 18 02:24 ET