UMG: beats consensus in Q3

(CercleFinance.com) - Universal Music Group last night reported better-than-expected performance in its first earnings release since its successful IPO last month.


The music publisher said it generated revenues of 2.15 billion euros in Q3, up 16% y-o-y, including 17.4% growth at constant exchange rates, beating the consensus of 2.05 billion euros.

While streaming revenues were up over 15% y-o-y at constant exchange rates, UMG said it also benefited from strong demand in the vinyl market.

Top sellers in the quarter included US artist Billie Eilish, Japanese band King & Prince and rapper Drake, as well as South Korean boy band BTS and young pop star Olivia Rodrigo.

However, this solid publication seemed to be an opportunity for investors to take some profits on the stock, which has jumped by over 25% since its IPO at end-September.

In late morning trading, the stock was down over 0.5%.


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