Universal Music Group shares fall after weak first-quarter revenue and earnings
Updated
Updated · The Wall Street Journal · Apr 30
Universal Music Group shares fall after weak first-quarter revenue and earnings
9 articles · Updated · The Wall Street Journal · Apr 30
The stock dropped more than 7% in Amsterdam after revenue rose 8.1% to 2.90 billion euros and adjusted EBITDA fell to 636 million euros, both missing analyst forecasts.
Subscription and streaming revenue remained strong, with subscriptions up 12.5% and streaming up 5%, while physical sales rose 12.7%, helped by US and Japan demand.
The results include Downtown Music Holdings, acquired in February. Universal has expanded a share buyback to 1 billion euros, plans to sell half its 3.1% Spotify stake, and is reviewing a Pershing Square proposal.
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