Warner Music Group Corp announced its first-quarter financial results for the period ended December 31, 2019.
Total revenue grew 4.4% or 5.5% in constant currency. Digital revenue grew 12.6% or 13.5% in constant currency. Net income was $122 million versus $86 million in the prior-year quarter. OIBDA was $236 million versus $215 million in the prior-year quarter
“Our Q1 results were very strong. We achieved the highest quarterly revenue in our sixteen-year history as a stand-alone company. We’re especially pleased with this result considering the strength of the prior-year quarter,” said Steve Cooper, Warner Music Group’s CEO. “The combination of our creative expertise, global expansion, commercial innovation and financial discipline makes us very confident about our long-term growth prospects.”
“We again solidly grew both revenue and OIBDA,” added Eric Levin, Warner Music Group’s Executive Vice President and CFO. “Our cash position also remains strong with $462 million on the balance sheet at quarter-end.”
