Warner Music Group’s share price fell nearly 10% on Tuesday following the release of the company’s, which showed that revenue from the recorded music division was effectively flat over last year .
On Tuesday, Warner’s stock fell from $28.50 at the start of the day to $25.76 at the market’s close — a 9.58% drop.This marks the second straight quarter of disappointing results in recorded music for Warner, the world’s third-largest label. Last quarter, revenue in the division fell 10.6%, or 5.6% in constant currency, on lower digital, physical and artist services and expanded rights revenue.
In the current quarter, streaming revenue was down 0.4% on fewer releases and a slowdown in ad-supported revenue due to macroeconomic uncertainty. By contrast, music publishing revenue grew 12% to $257 million, up from $230 million a year ago.Robert Kyncl
Portugal Últimas Notícias, Portugal Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Warner Music stock gains after revenue rises above expectations, amid strength in the music publishing businessShares of Warner Music Group Corp. rose 2.0% in premarket trading Tuesday, after the music recorder and publisher reported fiscal second-quarter revenue that...
Consulte Mais informação »