Warner Music delivers earnings beat, despite ‘challenging macro environment’

Warner Music Group Corp. delivered a top and bottom line beat when it reported its fourth-quarter results early Tuesday. The media giant’s stock rose 4% before opening bell. Warner Music earned 28 cents a share on net income of $150 million compared with 5 cents a share on net income of $30 million in the same period last year, above analysts’ estimate of 13 cents a share. The company reported revenue of $1.497 billion, compared with $1.376 billion in the year ago-quarter. Analysts surveyed by FactSet were looking for sales of $1.403 billion. “Against the backdrop of a challenging macro environment, we once again proved music’s resilience, with new commercial opportunities emerging all the time,” said Warner Music CEO Steve Cooper, in a press release. “We’re very well positioned for long-term creative success, and continued top and bottom line growth.”

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.