- Warner Music Group Corp (NASDAQ:WMG) reported a first-quarter FY23 revenue decline of 8% year-on-year to $1.49 billion, missing the consensus of $1.51 billion.
- Recorded Music revenue declined 11% Y/Y to $1.24 billion. Music Publishing increased by 9% Y/Y to $250 million, and Digital decreased by 5% Y/Y to $952 billion.
- Adjusted OIBDA margin increased by 50 bps to 22.5%.
- Adjusted EBITDA declined 58 bps to 23.5%.
- GAAP EPS of $0.21 missed the consensus of $0.26.
- Warner Music generated $209 million (+62% Y/Y) in operating cash flow and held $720 million in cash and equivalents. Free cash flow rose 97.9% Y/Y for $188 million.
- “Music’s value, power, and ubiquity are among the many reasons I decided to join WMG and lead the next phase of our evolution,” said Robert Kyncl, CEO.
- “As we navigate a challenging business environment, we expect to have a strong release schedule in the second half of 2023 while managing our costs throughout.”
- Price Action: WMG shares traded lower by 4.51% at $35.01 on the last check Thursday.
‘Can I Purchase A Robot’: NBA Hall of Famer Wants A Tesla Bot, Will Elon Musk Help Him Out?
A legendary National Basketball Association player and champion is among the people interested in the new Tesla Optimus robot that was shown off at the recent AI Day 2022 by Tesla Inc (NASDAQ: TSLA).
