Warner Music Group reported earnings and revenue for the first quarter that exceeded market expectations, mainly due to the strength of digital operations and the improvement of the gross margin.
Net income for the quarter ended Dec. 31 nearly doubled to $ 187 million, or 36 cents a share, from $ 98 million, or 18 cents a share, a year ago.
Convergent estimates spoke of earnings per share of 29 cents.
Revenue rose 20.9 percent to $ 1.61 billion, higher than convergent estimates of $ 1.49 billion.
The increase in digital revenues amounted to 21.5%.
“Next year, we look forward to welcoming big stars again, meeting new artists and songwriters, and looking for more innovative ways to bring more music to more people, in more places,” said CEO Steve Cooper.
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
