Shares of Warner Music Group Corp. WMG rose 2.0% in premarket trading Tuesday, after the music recorder and publisher reported fiscal second-quarter revenue that rose above expectations, amid strong growth in music publishing streaming revenue. Net income for the quarter to March 31 fell to $34 million, or 6 cents a share, from $92 million, or 18 cents a share, in the year-ago period.
Net income for the quarter to March 31 fell to $34 million, or 6 cents a share, from $92 million, or 18 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted net income rose to $116 million from $111 million, but adjusted per-share figures were not provided. Revenue grew 1.7% to $1.40 billion, above the FactSet consensus of $1.36 billion. Music publishing revenue increased 12% to $257 million, with digital revenue growing 15% to $146 million.