Warner Music Group Corp. (WMG) announced on Thursday a significant drop in net income for the fourth quarter, with profits attributable to Warner falling to $41 million or $0.08 per share, compared to $152 million or $0.17 per share in the same period last year.
According to a consensus of six analysts surveyed by Thomson Reuters, the company was anticipated to deliver earnings of $0.31 per share for the quarter. It's important to note that these analyst projections often exclude extraordinary items.
Despite the decline in net income, Warner Music experienced a 2.8 percent growth in quarterly revenue, achieving $1.63 billion compared to $1.59 billion in the corresponding quarter of the previous year. This exceeded analysts' expectations, which were projected at $1.60 billion.
In a strategic move last week, the company’s board of directors approved a new $100 million share repurchase program.
