Shares of Common Music Group NV plunged in Friday morning buying and selling after the document label behind the Weeknd, Billie Eilish and Taylor Swift booked a decrease revenue for 2022.
At 0900 GMT, Common Music shares
UMG,
traded 4.4% decrease at EUR21.31.
The world’s largest music firm on Thursday posted an annual web revenue of 782 million euros ($828.6 million), down 11.7% from 2021. Nonetheless, the corporate stated it plans to pay shareholders a dividend of EUR0.51 per share, above the EUR0.40 per share it paid for the earlier 12 months. Common goals handy 50% of web revenue to shareholders.
For the three months to the top of December, general income climbed to EUR2.94 billion from EUR2.52 billion. Income from subscriptions grew 11.4% at fixed foreign money to EUR1.04 billion, whereas ad-supported streaming income rose 1.8% to EUR400 million.
Nonetheless, development cooled down in contrast with the third quarter, when streaming income grew 5.2% at fixed foreign money. Streaming providers boomed on the top of the pandemic as listeners turned to digital when coronavirus restrictions introduced dwell concert events to a standstill, although the tempo of development has declined in latest months.
Adjusted earnings earlier than curiosity, taxes, depreciation, and amortization–a key profitability metric for Common–elevated to EUR620 million within the fourth quarter from EUR503 million, producing an adjusted margin of 21.1%.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
