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After reviewing Warner Music Group's WMG fiscal third-quarter results, we are maintaining our fair value estimate. Compared with the prior-year quarter, revenue was down 2% to $804 million, as a 30% increase in digital sales was not enough to offset the 6% decline in compact disc sales. During the ...
Warner Music Group WMG released fiscal first-quarter results Thursday that were much weaker than expected. Sales fell 11% from the year-ago period, while operating costs dropped only 6%. Physical sales of recorded music fell about 18% in the quarter, while digital sales grew 45%. Our valuation ...
Digital music is helping Warner Music's results.