Shares of Universal Music Group NV plunged in Friday morning buying and selling after the report label behind the Weeknd, Billie Eilish and Taylor Swift booked a decrease revenue for 2022.
At 0900 GMT, Universal Music shares
UMG,
traded 4.4% decrease at EUR21.31.
The world’s largest music firm on Thursday posted an annual internet revenue of 782 million euros ($828.6 million), down 11.7% from 2021. Still, the corporate stated it plans to pay shareholders a dividend of EUR0.51 per share, above the EUR0.40 per share it paid for the earlier 12 months. Universal goals handy 50% of internet revenue to shareholders.
For the three months to the top of December, general income climbed to EUR2.94 billion from EUR2.52 billion. Revenue from subscriptions grew 11.4% at fixed forex to EUR1.04 billion, whereas ad-supported streaming income rose 1.8% to EUR400 million.
However, progress cooled down in contrast with the third quarter, when streaming income grew 5.2% at fixed forex. Streaming companies boomed on the top of the pandemic as listeners turned to digital when coronavirus restrictions introduced stay live shows to a standstill, although the tempo of progress has declined in latest months.
Adjusted earnings earlier than curiosity, taxes, depreciation, and amortization–a key profitability metric for Universal–elevated to EUR620 million within the fourth quarter from EUR503 million, producing an adjusted margin of 21.1%.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
Source web site: www.marketwatch.com
