Stay updated with breaking news from Eric Levin. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Warner Music stock fell nearly 10% after its lackluster earnings report on Tuesday, with recorded music revenue roughly flat over the year-ago period.
WARNER MUSIC GROUP CORP. fiscal second quarter 2023 total revenue increased 2% (5% in constant currency) year-over-year to $1.4 billion, with recorded music revenue flat at $1.1 million, music publishing revenue up 12% to $257 million, and digital revenue up 1% to $942 million. Net income fell 60% to $37 million (6 cents/basic and diluted share), while Adjusted net income rose 5% to $116 million. OIBDA dipped 19% to $207 million, and Adjusted OIBDA rose 4% to $286 million. The label's top ...
Slow quarter for releases held recorded revenues flat, but recent Ed Sheeran, Jack Harlow releases expected to boost WMG's second half
Investors weren't happy to see sluggish sales growth in the first quarter.
Warner Music Group shares were trading downwards on Tuesday morning after its fiscal 2Q earnings came in well below estimates. The firm reported quarterly...