Key points:
- Warner Music Group Reports
- Earnings and revenue beat analyst expectations
- Revenue growth was driven by strength in recorded music and music publishing
- The Best Monthly Dividend Stocks Under $10
Warner Music Group (NASDAQ: WMG) announced earnings per share of $0.36 before the bell on Tuesday, with revenue coming in at $1.61 billion.
The numbers reported were against anticipated EPS of $0.29 and revenue of $1.49 billion.
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The company said it generated record revenue that was driven by strength across recorded music and music publishing. They also reported a “robust streaming performance” that was underpinned by growth across traditional and emerging streaming platforms.
Warner's share price is unmoved since yesterday's close at $40.54, down 3.43%.
“The strength and diversity of our revenue streams coupled with our operational efficiency drove margin growth, even as lower-margin revenue lines recovered,” commented Lou Dickler, Acting CFO of Warner Music Group.
“We're committed to making sustained investments in our core business, and to taking pioneering steps that position WMG for the next wave of growth, all with a financially disciplined, ROI-focused perspective,” added Dickler.
The company's CEO, Steve Cooper, said: “Hitting an all-time high in our 18 years as a standalone company is proof that we've never been stronger. At the same time, we've never had so much opportunity ahead of us.”
