Warner Music Group Corp.
WMG,
stock was up 3.5% in premarket trading on Tuesday after its third-quarter profit and revenue beat analyst estimates. Warner Music said its third-quarter profit fell to $122 million, or 23 cents a share, from $124 million, or 24 cents a share, in the year-ago quarter. The company beat the FactSet consensus forecast of 20 cents a share. Warner Music’s third-quarter revenue rose to $1.56 billion from $1.43 billion, ahead of the analyst view of $1.47 billion. Looking ahead, Warner Music said its improved streaming content growth is being driven by a “stronger release slate with momentum expected to carry” into the fourth quarter.
