Shares of Warner Music Group Corp.
WMG,
leapt 2.6% toward a nine-month high after the music recorder and publisher beat fiscal fourth-quarter earnings expectations, as results were boosted by a “solid” release slate and strength in recorded music streaming growth. Net income for the quarter to Sept. 30 rose to $152 million, or 29 cents a share, from $148 million, or 28 cents a share, in the year-ago period. The FactSet consensus for earnings per share was 26 cents. Revenue grew 5.9% to $1.59 billion, to top the FactSet consensus of $1.57 billion. Recorded Music revenue roe 3.8% to $1.29 billion, with streaming revenue increasing 9.6%, while Music Publishing revenue jumped 17.3% to $298 million with streaming revenue up 28.4%. The stock has slipped 2.3% over the past three months through Wednesday while the S&P 500
SPX,
has gained 2.2%.
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