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 story : Warner Music Group tops profit and revenue expectations, stock gains #FinanceUSA #StockMarketNEWS Shares of Warner Music Group Corp. gained 0.1% in premarket trading Tuesday, after the music recorder

@stockMarketNEWS Wed 10 Aug, 2022

Posted in: #FinanceUSA #StockMarketNEWS

Warner Music Group tops profit and revenue expectations, stock gains #FinanceUSA #StockMarketNEWS
Shares of Warner Music Group Corp. gained 0.1% in premarket trading Tuesday, after the music recorder and publisher disclosed fiscal third-quarter profit and revenue that beat expectations, as a "new wave" of releases in June helped offset a slowdown in the advertising market. Net income doubled to 4 million, or 24 cents a share, from million, or 12 cents a share, in the year-ago period. Adjusted net income rose to million from million. The FactSet consensus for earnings per share was 19 cents. Revenue grew 6.9% to .43 billion, above the FactSet consensus of .41 billion. Recorded Music revenue grew 3.2% to .19 billion, topping the FactSet consensus of .16 billion, and Music Publishing revenue rose 29.6% to 5 million to beat expectations of 5.5 million. "In June, we saw the beginning of a new wave of amazing releases and we're looking forward to a strong end to our fiscal year," said Chief Executive Steve Cooper. The stock has run up 17.5% over the past three months, while the S&P 500 has gained 3.7%.


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