8/3, 1:35 PM (Source: TeleTrader)
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Warner Music: Q3 revenue up 33% YoY to $1.34B

Warner Music Group Corp. reported on Tuesday that its revenue for three months that ended on June 30, 2021, stood at $1.34 billion, jumping 33% from the corresponding time span a year ago.

Recorded music revenue, music publishing revenue and digital revenue were up 34%, 27% and 29%, respectively. Operating income hit $162 million in the third quarter, improving significantly from a $433 million operating loss documented 12 months earlier. Net income came in at $61 million, compared to a $519 million net loss from the April to June trimester in 2020.

"The third quarter was highlighted by impressive streaming numbers, recovery in several areas that had been negatively impacted by COVID, and strong operating leverage that drove margin expansion," CFO Eric Levin noted.

Breaking the News / MS