Major Labels

WMG Offers Mixed Financial Report, Digital Sales Up

image from In a report to investors this morning, Warner Music Group showed a loss for the quarter ending March 31st of $25 million or 17 cents a share. That's down significantly from the $68 million or 45 cents a share loss in the same quarter last year. Overall revenue fell 1.3% to $662 million with rising digital sales contributing to WMG's improving numbers. Other highlights:

  • Digital sales reached $199 million or 30% of total revenue. That's an up 8% from
    the previous quarter and up 15% from $173 million in the prior-year quarter. 
  • Total revenue of $662 million represented a decline of 1% from the prior-year quarter.
  • Operating income grew 60% to $24 million compared to $15 million in the prior-year quarter.

Wall Street analysts may not be overjoyed by WMG's performance. They had forecast a profit of $.30 on
revenue of $663.3 million according to Thomson Reuters.

Share on:

1 Comment

  1. they are cutting costs based on those numbers- if the operating income great 60% year-to-year while revenue dropped.
    you have to think… at this point, that digital sales are going to continue to rise, while the cost cuts will be permanent.

Comments are closed.