Warner Music up thanks to share sale
The U.S. music company Warner Music remained in the black last quarter solely due to the sale of shares. On the bottom line, the company earned $23 million in the first fiscal quarter, which ended in December, following a loss of $16 million a year ago.
The US music group Warner Music was only in the black last quarter thanks to a share sale. On balance, the company earned 23 million dollars in the first quarter ended December, following a loss of 16 million a year ago, as reported by SDA. Like the rest of the industry, Warner Music is also suffering from the rapid decline in CD sales: quarterly sales fell by 11 percent to 878 million dollars.
The increase in revenue from the sale of digital music via Apple's iTunes Store, among others, of a good 20 percent to 171 million dollars was unable to compensate for the shortfall. The stronger dollar exchange rate also depressed sales.
Without the proceeds from the sale of the stake in the artist agency Front Line Management, there would have been a loss of 0.09 dollars in the quarter instead of earnings per share of 0.15 dollars.
The increase in revenue from the sale of digital music via Apple's iTunes Store, among others, of a good 20 percent to 171 million dollars was unable to compensate for the shortfall. The stronger dollar exchange rate also depressed sales.
Without the proceeds from the sale of the stake in the artist agency Front Line Management, there would have been a loss of 0.09 dollars in the quarter instead of earnings per share of 0.15 dollars.
