Why Warner Music Group Stock Jumped Today
Shares of Warner Music Group (NASDAQ: WMG) were rocking on Tuesday, rising as much as 11.6% in the morning session thanks to a solid earnings report. By 12:30 p.m. EST, the entertainment company had cooled down to a 4% gain.
In the first quarter of fiscal year 2021, Warner Music's revenue rose 6% year over year to $1.34 billion. Adjusted earnings fell from $0.24 to $0.19 per diluted share. The bottom-line result was in line with analyst expectations, and your average Wall Street firm would have settled for revenue near $1.25 billion.
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Source Fool.com
