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Universal Music Group reports Q1 revenue up 22%, core earnings up 14.9%

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AMSTERDAM : Universal Music Group, the largest recording label, on Tuesday reported better-than-expected first quarter revenue driven by subscription and streaming income while meeting core earnings expectations.Revenue rose to 2.20 billion euros ($2.32 billion) from 1.81 billion a year earlier. Ad

AMSTERDAM : Universal Music Group, the largest recording label, on Tuesday reported better-than-expected first quarter revenue driven by subscription and streaming income while meeting core earnings expectations.Adjusted earnings before interest, taxes, depreciation and amortisation rose to 455 million euros from 396 million.

In a pre-earnings note, analysts from ING had put underlying sales at 2.12 billion euros and adjusted EBITDA at 456 million euros.

 

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