- 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.
Lumen Technologies And 2 Other Stocks Under $2 Insiders Are Buying
The Dow Jones index closed higher by more than 100 points on Monday. 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.
