Shares in Warner Music Group danced 5% higher on Wednesday after the label's earnings matched market expectations and it reiterated guidance for the year.
Looking ahead, investors were told operating free cash flow conversion would be in the 50-60% range.
For its fiscal third quarter, Warner Music said its performance had been underpinned by strong subscription streaming growth, a 'robust slate and healthy industry trends".
While revenue for the three months ended June 30 was up just 1% at $1.55 billion, earnings grew by 14% to $141 million.
Warner Music artists include the likes of Dua Lipa (pictured), Megan Thee Stallion, Cher and Sia.
In earlier trading, the stock was up 5.3% at $29.6.