Warner Music Group: Q4 profit up 3%

(CercleFinance.com) - Warner Music Group on Thursday reported a 3% increase in quarterly profit, boosted by a dynamic streaming music market and releases such as the Barbie movie soundtrack and Ed Sheeran's latest album.


The New York-based label reported Q4 net profit of $154m (period ended September), compared with $150m in the same period last year.

Quarterly sales rose by 6% (+4.5% at constant exchange rates) to $1.59bn.

FY 2022/2023 sales rose by 2%, exceeding the $6bn mark for the first time in the company's history, in line with the target that it had set itself.

However, WMG did not provide any figures for its new fiscal year, from 1 October, and this seemed to be the reason for its slight decline (-0.1%) in pre-market trading.


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