Warner Music's Stock Gains After Profit Beat Offsets Small Revenue Miss

Dow Jones08-07

Warner Music Group Corp. 's stock rose 3% premarket Wednesday, after the company beat profit estimates for the second quarter, offsetting a small revenue miss.

The company had net income of $139 million, or 27 cents a share, for the quarter, up from $122 million, or 23 cents a share, in the year-earlier period. The number matched the FactSet consensus. Revenue fell 1% to $1.554 billion, and was just below the $1.565 billion FactSet consensus.

"Our Q3 results were highlighted by strong margin expansion and operating cash flow growth, reflecting robust streaming performance and disciplined cost management," Chief Financial Officer Bryan Castellani said in prepared remarks. Recorded music revenue fell 2% to $1.251 billion and music publishing revenue rose 8% to $305 million.

The stock has fallen 21% in the year to date, while the S&P 500 has gained 10%.

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's stock rose 3% premarket Wednesday, after the company beat profit estimates for the second quarter, offsetting a small revenue miss. 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