HYBE, which owns a 14.8% stake in the competing K-pop company, criticized the tie-up with tech company Kakao as one-sided and harmful to shareholders.
Concert revenue grew tenfold for the NCT Dream and Red Velvet label, while recorded music sales declined 3.7%.
The shares were acquired from SM Entertainment founder Lee Soo Man.
Recorded music revenues grew 46.6% to 135.1 billion won from July through September.
Investors bet Apple's move will trigger higher prices for streaming industry-wide.
