Warner Music Group Corp. said on Thursday that its revenue in the three months that ended on December 31, 2022, declined by 8% year over year to $1.49 billion. Recorded music revenue and digital revenue decreased by 11% and 5%, respectively, while music publishing revenue grew by 9%.
Operating income rose by 11% to $265 million but net income dropped 34% from the opening quarter of the previous fiscal year to $124 million.
"As we navigate a challenging business environment, we expect to have a strong release schedule in the second half of 2023 while managing our costs throughout," CEO Robert Kyncl wrote in the quarterly update. Company shares were 0.93% up in premarket trade in light of the latest financial results.
