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Warner Music stock gains after revenue rises above expectations, amid strength in the music publishing business

Clyde Edgerton by Clyde Edgerton
May 9, 2023
in Markets
Warner Music stock gains after revenue rises above expectations, amid strength in the music publishing business
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Shares of Warner Music Group Corp. WMG rose 2.0% in premarket trading Tuesday, after the music recorder and publisher reported fiscal second-quarter revenue that rose above expectations, amid strong growth in music publishing streaming revenue. Net income for the quarter to March 31 fell to $34 million, or 6 cents a share, from $92 million, or 18 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted net income rose to $116 million from $111 million, but adjusted per-share figures were not provided. Revenue grew 1.7% to $1.40 billion, above the FactSet consensus of $1.36 billion. Music publishing…



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