Warner Music Group Tops Profit and Revenue Expectations, Stock Gains

Dow Jones2022-08-09

MW Warner Music Group tops profit and revenue expectations, stock gains

Shares of Warner Music Group Corp. $(WMG)$ gained 0.1% in premarket trading Tuesday, after the music recorder and publisher disclosed fiscal third-quarter profit and revenue that beat expectations, as a "new wave" of releases in June helped offset a slowdown in the advertising market.

Net income doubled to $124 million, or 24 cents a share, from $61 million, or 12 cents a share, in the year-ago period. Adjusted net income rose to $17 million from $83 million. The FactSet consensus for earnings per share was 19 cents.

Revenue grew 6.9% to $1.43 billion, above the FactSet consensus of $1.41 billion. Recorded Music revenue grew 3.2% to $1.19 billion, topping the FactSet consensus of $1.16 billion, and Music Publishing revenue rose 29.6% to $245 million to beat expectations of $215.5 million.

"In June, we saw the beginning of a new wave of amazing releases and we're looking forward to a strong end to our fiscal year," said Chief Executive Steve Cooper. The stock has run up 17.5% over the past three months, while the S&P 500 has gained 3.7%.

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