Revs Rise
WARNER MUSIC GROUP CORP. has reported first-quarter financial results for the period ended DECEMBER 31, 2017.
“2018 is off to a great start. For three years running, we have grown revenue by double digits in the first quarter, a great testament to the sustainability of our success,” said CEO STEVE COOPER. “Streaming is driving the industry and we continue to outperform thanks to fantastic new music and the strength of our worldwide operating team.”
The Highlights
- Total revenue grew 14.0% or was up 10.1% in constant currency
- Digital revenue grew 20.0% or was up 17.1% in constant currency
- Net income was $5 million versus $24 million in the prior-year quarter
- OIBDA was $155 million versus $157 million in the prior-year quarter
“This marks the first time in over 10 years that our quarterly revenue has exceeded a billion dollars”, added EVP/CFO ERIC LEVIN. “Our cash flow is strong and we are committed to maintaining our momentum.”
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