Warner Music Group Posts Mixed Results (WMG)

New York, New York-based Warner Music Group Corp. WMG announced on Tuesday morning that it beat consensus Wall Street earnings estimates, while missing revenue expectations. Warner Music Group reported that its 1st quarter net loss widened to $18 million, or 12 cents per share, from a net loss of $17 million, or 11 cents per share, a year earlier. Warner Music Group reported revenue of $789 million, down 14% from $918 million a year earlier. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for a loss of 19 cents per share, on revenue of $797.97 million. Chairman and CEO Edgar Bronfman, Jr. said, "While industry pressures and a highly competitive release schedule limited our results in the first quarter, we're confident that our disciplined A&R investments, successful revenue diversification and innovative digital strategies will drive WMG's long-term growth." Warner Music Group Corp. (WMG) closed the previous trading day at $6.23 per share. Analysts covering the company's stock give it a consensus price target of $6.63 per share. Warner Music Group became the only stand-alone music company to be publicly traded in the United States in May 2005 and is home to a collection of the best-known record labels in the music industry including Asylum, Atlantic, Cordless, East West, Elektra, Nonesuch, Reprise, Rhino, Roadrunner, Rykodisc, Sire, Warner Bros. and Word. Read more from Benzinga's Company news.