Tencent Music (NYSE: TME) reported Q1 EPS of $0.11, $0.03 better than the analyst estimate of $0.08. Revenue for the quarter came in at $1.19 billion versus the consensus estimate of $1.19 billion.

• Online music paying users reached 60.9 million, increasing by 42.6% year-over-year. On a sequential basis, the number of online music paying users grew by 4.9 million, the largest quarterly net increase since 2016. Paying ratio was 9.9%, up from 8.0% and 9.0% in the third and fourth quarters of 2020, respectively.

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