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- Warner Music Group Corp WMG reported second-quarter FY21 revenue growth of 17% year-on-year to $1.25 billion, beating the analyst consensus of $1.18 billion.
- Recorded Music revenue rose 17% Y/Y to $1.059 billion, and Music Publishing revenue rose 16% to $192 million. Digital revenue rose 23% to $860 million.
- Adjusted operating income rose 19% to $178 million, with margins expanding 33 basis points Y/Y to 14.24%.
- Adjusted net income rose 16% to $144 million. EPS of $0.22 beat the analyst consensus of $0.15.
- The company generated $150 million in operating cash flow, and it held $588 million in cash and equivalents.
- Adjusted EBITDA rose 25% to $268 million.
- Chart-topping new releases from incredible artists and songwriters and bold and imaginative execution from world-class operators led to double-digit revenue growth in both Recorded Music and Music Publishing, CEO Steve Cooper said.
- Impressive revenue growth from emerging streaming platforms drove healthy margins and free cash flow, CFO Eric Levin said.
- Price action: WMG shares traded lower by 3.61% at $36.88 on the last check Tuesday.
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