Warner Music Group (NASDAQ: WMG) investors lost ground to the market on Tuesday. The music streaming specialist's stock was down 11% as of 3 p.m. ET compared to a 0.2% dip in the S&P 500. Warner Music shares have had a rough 2023 to date, falling 27% so far compared to an 8% increase in the wider market.

Tuesday's decline was sparked by a quarterly earnings report that showed persistent short-term pressures on the business.

Warner Music said in a premarket announcement that sales rose by 5% through late March after accounting for currency exchange rate shifts. That result marked a modest improvement over the prior quarter's 3% uptick.

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Source Fool.com