Warner Music stock rises after profit and revenue beats, boosted by 23% growth in streaming
Shares of Warner Music Group Corp. (WMG) advanced 0.9% in premarket trading Tuesday, after the music recorder and publisher reported a fiscal second-quarter profit and revenue that beat expectations, boosted by 23% growth in streaming revenue. The company swung to net income of $117 million, or 22 cents a share, from a loss of $74 million, or 15 cents a share, in the year-ago period. The FactSet consensus for net earnings per share was 16 cents. Revenue grew 16.7% to $1.25 billion, above the FactSet consensus of $1.18 billion. Recorded music revenue increased 16.8% to $1.06 billion, above expectations of $1.01 billion, with a 23.2% jump in streaming revenue reflected "accelerated revenue growth in emerging streaming platforms such as Facebook, TikTok and Peloton. Music publishing revenue rose 15.7% to $192 million, beating expectations of $174.9 million. The stock has gained 0.7% year to date through Monday, while the S&P 500 has rallied 11.6%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 04, 2021 07:44 ET (11:44 GMT)
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