Warner Music Group reported fourth-quarter fiscal 2023 results that topped expectations for both revenue and profits.
For the quarter ended in September, revenue grew 5.9% year-over-year to $1.58 billion and was slightly ahead of estimates of $1.57 billion.
Earnings per share (EPS) were $0.29, down from $0.28 in the year-ago quarter but ahead of estimates of $0.25.
The New York-headquartered entertainment and record label conglomerate attributed its quarterly performance to a solid release slate and growth in Recorded Music streaming, which grew 9.6% year-over-year.
For the full year, it reported EPS of $0.82 on revenue of $6.04 billion compared to estimates of EPS of $0.83 on revenue of $6.02 billion.
“We delivered on our promise of second-half improvement, and reached over $6 billion in annual revenue for the first time in WMG’s history,” Warner Music Group CEO Robert Kyncl said in a statement.
“As the music ecosystem is recognizing the value of premium content and emerging markets continue to gain traction, our industry is healthy and growing.”
Shares of Warner Music Group traded modestly lower following its results, down 0.2% at US$32.80 in premarket trade on Thursday.
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