Chinese music giant and iTunes rival Tencent Music Entertainment has reported a profit of US$272.7 million for full-year 2018, in its first earnings report since going public.

The music streaming service controlled by Chinese tech giant Tencent Holdings reported a net loss of $130.39 million in Q4 due to a one-off share-based accounting charge.

Quarterly revenue rose 50.5 percent to $804.7 million, beating analysts’ estimates.