Why Warner Music (WMG) Shares Are Trading Lower Today - Warner Music Gr (NASDAQ:WMG)

Warner Music Group Corp WMG reported a second-quarter FY23 revenue growth of 2% year-on-year to $1.399 billion, beating the consensus of $1.370 billion.
Recorded Music revenue was flat Y/Y at $1.14 billion.
Music Publishing increased by 12% Y/Y to $257 million, and Digital increased by 1% Y/Y to $942 million.
Adjusted OIBDA margin increased by 50 bps to 20.4%.
Adjusted EPS of $0.20 beat the consensus of $0.18.
Warner Music used $(6) million in operating cash flow and held $601 million in cash and equivalents.
"With continued momentum in music publishing, and a more robust schedule that includes the return of worldwide superstars and new artists breaking globally, we are optimistic about the second half of the year," said Robert Kyncl, CEO of Warner Music Group.
The company said its cost savings to be reinvested in tech-focused initiatives and expertise to drive long-term growth.
Price Action: WMG shares traded lower by 4.60% at $27.18 on the last check Tuesday.

Why Warner Music Shares Are Trading Lower Today