Warner Music Group Corp Cl A (WMG) said before open Thursday that it earned $0.34 per share in quarter four 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $1.6 billion, beating estimates by $6 million.
In the same quarter a year ago, the company earned $0.32 per share on revenue of $1.5 billion.
The stock is down 2.86% to $31.91 after the report.
The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.
Prior to the report, InvestorsObserver gave the stock an overall score of 73. Meanwhile, the average Wall Street analyst rated the stock a Buy.
Warner Music Group is the third largest of the three major global record labels, with Vivendi's Universal Music in first and Sony Music in second. Warner's larger segment, recorded music, consists of iconic labels like Atlantic Records, Warner Records, and Parlophone Records and popular artists such as Ed Sheeran, Cardi B, Dua Lipa, and Blake Shelton. Warner Chappell, the firm's publishing arm, is the home to over 65,000 composers and songwriters with over a million copyrights represented. Warner is controlled by Access Industries, which owns an 84% economic interest and 99% of voting rights.
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Warner Music Group Corp Cl A Down 2.86% To $31.91 After Earnings Beat
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