Warner Music Earnings Rise, But Miss Estimates as Ed Sheeran, Zach Bryan Are Major Sellers [Yahoo! Finance]
Warner Music Group Corp. - Class A (WMG)
Company Research
Source: Yahoo! Finance
While both numbers saw a jump, the company reported earnings per share of 18 cents per share, below Wall Street expectations of 20 cents. The bottom-line results were driven by a strong operating performance, $12 million in savings from a March 2023 restructuring plan, and the impact of exchange rates on the company's Euro-denominated debt, which led to a gain of $21 million in the quarter compared to a loss of $20 million in the prior-year quarter. More from The Hollywood Reporter Warner Music Group Expresses Interest in Buying French Digital Music Company Believe Warner Music Group Plans to Lay Off 600 Employees Netflix, Spotify, Lionsgate Stocks Jump in 2023, While Disney Ekes Out a Gain “Our performance in the quarter was driven by an acceleration in Recorded Music subscription streaming growth and continued momentum in music publishing,” said Bryan Castellani, CFO of Warner Music. “Encouraged by the continued growth in engagement and value of music, we remain focused
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WMG
Earnings
- 5/9/24 - Beat
WMG
Sec Filings
- 5/13/24 - Form 8-K
- 5/9/24 - Form 10-Q
- 5/9/24 - Form 8-K
- WMG's page on the SEC website