Warner Music Group Corp. on Tuesday posted a jump in profit for its fiscal fourth quarter, with revenue rising amid rising streaming-music-revenue growth.
The entertainment and record label conglomerate said profit for the three months ended Sept. 30 rose to $148 million, or 28 cents a share, compared with $28 million, or 5 cents a share, for the year earlier period.
Revenue increased 8.7%, to $1.5 billion, with total streaming revenue increasing 3.5%, mainly driven by growth across recorded music and music publishing. Analysts surveyed by FactSet had forecast revenue of $1.40 billion.
Digital revenue represented about 66% of total revenue in the quarter, Warner Music said.
"The momentum in our business is strong, underpinned by global subscriber growth, subscription price increases, and the expansion of emerging platforms," Finance Chief Eric Levin said.
