Why Is Warner Music Stock Trading Higher On Wednesday?
Portfolio Pulse from Anusuya Lahiri
Warner Music Group Corp (NASDAQ:WMG) stock traded higher on Wednesday after reporting fiscal Q3 2024 results. GAAP EPS of $0.27 met analyst expectations, while revenue slightly missed estimates at $1.55 billion. Recorded Music revenue declined, but Music Publishing and Digital revenue saw increases. Adjusted OIBDA rose by 6.4%, and the company held $607 million in cash. Analysts have mixed ratings, with a 1-year price target averaging $33.5.
August 07, 2024 | 3:19 pm
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Warner Music Group Corp (NASDAQ:WMG) reported fiscal Q3 2024 results with GAAP EPS of $0.27 meeting analyst expectations. Revenue slightly missed estimates at $1.55 billion. Recorded Music revenue declined, but Music Publishing and Digital revenue increased. Adjusted OIBDA rose by 6.4%, and the company held $607 million in cash. Analysts have mixed ratings, with a 1-year price target averaging $33.5.
The stock traded higher due to the positive aspects of the earnings report, such as meeting EPS expectations and increases in Music Publishing and Digital revenue. The mixed analyst ratings and slight revenue miss may temper the upside, but overall, the news is positive for the stock in the short term.
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