Warner Music Group Corp today announced its second-quarter financial results for the period ended March 31, 2020.
“We had a tough comparison with an especially strong Q2 in 2019, so I’m pleased that we’ve matched our excellent performance in the prior-year quarter, due in large part to an 11% increase in Recorded Music streaming revenue and a 17% increase in Music Publishing digital revenue. That’s a tremendous achievement, especially coming on the heels of Q1, when we achieved the highest quarterly revenue in our sixteen-year history as a standalone company,” said WMG CEO Steve Cooper. “In these unprecedented times, we’re determined to protect the livelihoods of our artists, our songwriters and our people. We’re confident that our distinctive combination of creative innovation and financial discipline will help us weather this storm and emerge stronger, better and more agile than ever.”
“For the rest of the fiscal year, we’re focused on delivering robust results and managing our costs carefully,” added WMG EVP/CFO Eric Levin. “Our cash position is robust, and our goal now is to come out the other side of the COVID-19 pandemic stronger than ever.”
Revenue was down 1.7% (or flat in constant currency). Operating loss was $49 million compared to operating income of $122 million in last year’s fiscal Q2. Net loss was $74 million compared to net income of $67 million the prior year and adjusted net loss was $43 million compared to adjusted net income of $75 million the previous fiscal Q2.
