The Universal Music Group logo is seen in this image dated May 3, 2022. REUTERS/Dado Ruvic/Illustration
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AMSTERDAM, May 3 (Reuters) – Universal Music Group (UMG.AS), the world’s largest record label, on Tuesday reported better-than-expected first-quarter sales, driven by subscription and streaming revenue, while beating core earnings expectations were fulfilled.
Sales increased to 2.20 billion euros ($2.32 billion) from 1.81 billion in the previous year.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose from EUR 396 million to EUR 455 million.
In a preliminary statement, ING analysts had put the underlying revenue at EUR 2.12 billion and the adjusted EBITDA at EUR 456 million.
($1 = 0.9494 euros)
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reporting by Toby Sterling; Editing by Jason Neely
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