Stocksak: Universal Music reports better-than-expected 3Q core earnings

© Stocksak. FILE PHOTO – The Universal Music Group logo can be seen in this illustration, taken May 3, 2022. REUTERS/Dado Ruvic/Illustration

AMSTERDAM – Stocksak – Thursday’s third-quarter core earnings of Universal Music Group (AS) were better than expected due to higher streaming revenues and a legal settlement.

The adjusted earnings before interest taxes, depreciation, and amortization (EBITDA), were 539 million euros ($538million) compared to 461 millions euros in the third quarter 2021.

According to Refinitiv data, analysts had predicted EBITDA of 524 million euros.

Revenue rose 13.3%, to 2.66 billion euro. Subscription and streaming revenue increased 7.7%. According to the company, the revenue figure also included a 71 million Euro benefit from the settlement of a copyright violation lawsuit. This, in turn, had an impact on EBITDA.

($1 = 1.0020 euros)

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