- Warner Music Group Corp (NASDAQ:WMG) reported a second-quarter FY23 revenue growth of 2% year-on-year to $1.399 billion, beating the consensus of $1.370 billion.
- Recorded Music revenue was flat Y/Y at $1.14 billion.
- Music Publishing increased by 12% Y/Y to $257 million, and Digital increased by 1% Y/Y to $942 million.
- Adjusted OIBDA margin increased by 50 bps to 20.4%.
- Adjusted EPS of $0.20 beat the consensus of $0.18.
- Warner Music used $(6) million in operating cash flow and held $601 million in cash and equivalents.
- “With continued momentum in music publishing, and a more robust schedule that includes the return of worldwide superstars and new artists breaking globally, we are optimistic about the second half of the year,” said Robert Kyncl, CEO of Warner Music Group.
- The company said its cost savings to be reinvested in tech-focused initiatives and expertise to drive long-term growth.
- Price Action: WMG shares traded lower by 4.60% at $27.18 on the last check Tuesday.
Related Posts
Over $2.5M Bet On This Healthcare Stock? Check Out These 3 Penny Stocks Insiders Are Aggressively Buying
The Dow Jones closed lower by over 200 points on Tuesday. When insiders purchase or sell shares, it indicates their confidence or concern around the company's prospects. Investors and traders interested in penny stocks can consider this a factor in their overall investment or trading decision.
Creatd To Launch Vocal’s Android App Next Month, Ahead Of Expectations
Creatd, Inc. (Nasdaq CM: CRTD) ("Creatd" or the "Company"), today announced that, following last week's successful wide release of the Vocal mobile app for iOS, the Company will roll out the app
Paramount Global Announces New Leadership; Bob Bakish Stepping Down; George Cheeks, Chris McCarthy, And Brian Robbins Appointed As Office Of The CEO Building On Track Records Of Success Leading Paramount’s Business Units
Bob Bakish Stepping DownGeorge Cheeks, Chris McCarthy, and Brian Robbins Appointed as Office of the CEO Building on Track Records of Success Leading Paramount's Business UnitsNEW YORK, April 29, 2024 /PRNewswire/ -- The