- 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.
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