Earnings: Warner Music's Q4 Profits Rise; Digital Up 28 Percent
PaidContent Nov 25 08
Finally some bit of good news in the music industry: Warner Music Group (NYSE: WMG) reported its Q308 earnings today, and its income rose to $6 million, or 4 cents a share, from $5 million, or 3 cents a share from the year-ago quarter. Stunningly, analysts were expecting a loss of 2 cents a share, according to data by FactSet. Revenues however declined 1 percent to $854 million from $867 million, out of which digital revenues were up 28 percent from the year-ago quarter, to $167 million (though only up $1 million from the previous sequential quarter). Digital is now 20 percent of the revenues, highest among the four majors. Full story...
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