Warner Music Group beat expectations in the last quarter as robust growth in revenues from streaming helped shore up profits.
Total revenue at the music conglomerate rose 9 per cent to $1.56 billion in the three months to June 30 on the back of successful releases from Ed Sheeran and Linkin Park. Net income slipped 2 per cent to $122 million during the period, its third quarter.
Shares in the business, which is valued at $16.9 billion, closed up $2.15, or 7 per cent, at $32.72 in New York last night after the company said it expected momentum to continue into the fourth quarter, thanks to a stronger release slate that is driving improved growth in streaming revenue.
Warner Music, based in New York, owns
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