Universal Music Group reports Q1 revenue up 22%, core earnings up 14.9%

2022.05.03 19:31

Universal Music Group logo is seen displayed in this illustration taken, May 3, 2022. REUTERS/Dado Ruvic/Illustration

By Toby Sterling

AMSTERDAM (Reuters) – Universal Music Group (AS:UMG), the largest recording label, on Tuesday reported better-than-expected first quarter revenue driven by subscription and streaming income while meeting core earnings expectations.

Revenue rose to 2.20 billion euros ($2.32 billion) from 1.81 billion a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 455 million euros from 396 million.

In a pre-earnings note, analysts from ING had put underlying sales at 2.12 billion euros and adjusted EBITDA at 456 million euros.

($1 = 0.9494 euros)

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