Futu News on November 12, Tencent Music today's trend is weak, once fell nearly 10% in intraday trading, as of press release, fell 8.14% to 13.2US dollars, turnover reached 188 million US dollars.

In the third quarter of 2019, Tencent Music's total revenue increased 31.0% year-on-year to 6.51 billion yuan (US $910 million), realized operating profit of 1.19 billion yuan (US $166 million), attributable to the company's shareholders' net profit of 1.03 billion yuan (US $144 million), and non-international financial reporting standards (Non-IFRS) attributable to the company's shareholders' net profit of 1.24 billion yuan (US $173 million).

In the third quarter of 2019, Tencent Music's online music paying users reached 35.4 million, an increase of 42.2% over the same period last year. On a month-on-month basis, the company's paid users grew by 4.4 million, up from 2.6 million in the second quarter and 1.4 million in the first quarter of the same year, the largest net growth since 2016, continuing the recent trend of accelerated growth.

Mr. Peng Jiaxin, CEO of Tencent Music, said: "thanks to the sustained and healthy development of our online music and social entertainment business, we performed steadily in the third quarter of 2019. Among them, we are very pleased to see that online music paying users achieved an accelerated growth of 42.2% compared with the same period last year, and the number of paying households increased by 4.4 million in the third quarter, reaching a quarterly high. "

However, after the announcement of the results, Jeffery slightly lowered the target price of Tencent Music from $16.90 to $16.70.