Business
Universal Music Shares Slide on Weak Revenue, Earnings
Shares in Universal Music Group UMG -8.08%decrease; red down pointing triangle fell after the company behind Lady Gaga and Taylor Swift reported weak revenue and earnings for the first quarter, despite resilience in subscriptions and streaming.
The world’s largest music company said revenue for the three months to the end of March grew 8.1% on year at constant currency to 2.90 billion euros, equivalent to $3.39 billion. Analysts had forecast 2.94 billion euros in revenue, according to Visible Alpha.
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