NASDAQ$WMG
Warner Music Group Corp · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Reported results for the fiscal second quarter, demonstrating underlying growth in recorded music streaming revenue and continued momentum in music publishing.
Warner Music Group Corp. reported a 2% increase in total revenue (5% in constant currency) for the quarter ended March 31, 2023. Digital revenue increased by 1% (4% in constant currency). Net income was $37 million, while Adjusted OIBDA increased by 4% to $286 million.
- Total revenue increased 2% or 5% in constant currency.
- Digital revenue increased 1% or 4% in constant currency.
- Adjusted OIBDA increased 4% to $286 million versus $274 million in the prior-year quarter or 8% in constant currency.
- Net income was $37 million versus $92 million in the prior-year quarter.
Headline financials
Revenue & EPS history
WMG · Revenue · Quarterly
$1.4B
Revenue by segment
WMG · $1.4B total across 2 segments · Q2 2023
- Recorded Music$1.14B-0.3%81.6%
- Music Publishing$257M+11.7%18.4%
Forward guidance
Company is optimistic about the second half of the year, with a more robust schedule that includes the return of worldwide superstars and new artists breaking globally. WMG is investing in the artists, songwriters, team, and technology that will deliver continued growth and long-term success.
Tailwinds
- Continued momentum in music publishing.
- More robust release schedule expected.
- Investment in tech-enabled strategy.
- Focus on fiscal responsibility.
- Commitment to A&R and marketing excellence.
Headwinds
- Macroeconomic headwinds.
- Currency headwinds.
- Release slate headwinds impacted revenue.
- Operating income decreased primarily due to severance costs related to the restructuring plan.
- OIBDA decreased primarily due to severance costs and executive transition costs.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2023
-2.1%
Avg return
Earnings day
-1.0%
Avg return
5 days after
-2.3%
Avg return
30 days after
30%
7 / 23 earnings
Positive
+19.3%
Q4 2022
Best reaction
-11.2%
Q2 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2025 | — | — | — | |
| Q2 2026 | +2.2% | +10.7% | -1.5% | |
| Q1 2026 | +3.1% | +5.6% | -1.2% | |
| Q4 2025 | -2.7% | -7.0% | -3.8% | |
| Q2 2025 | -8.1% | -8.7% | -12.4% | |
| Q1 2025 | -1.1% | +5.0% | +7.1% | |
| Q4 2024 | -5.4% | -3.8% | -7.5% | |
| Q3 2024 | +1.0% | -2.1% | -1.8% | |
| Q2 2024 | -11.2% | -9.8% | -17.2% | |
| Q1 2024 | -3.0% | -0.1% | -6.8% | |
| Q4 2023 | -3.2% | -1.1% | +2.3% | |
| Q3 2023 | +8.2% | +7.6% | +7.9% | |
| Q2 2023 | -8.0% | -11.2% | -13.0% | |
| Q1 2023 | -6.4% | -7.2% | -18.8% | |
| Q4 2022 | +19.3% | +20.8% | +31.2% | |
| Q3 2022 | -6.7% | -5.4% | -14.2% | |
| Q2 2022 | -6.9% | +6.6% | +3.6% | |
| Q1 2022 | -4.9% | -5.5% | -18.0% | |
| Q4 2021 | -9.7% | -10.4% | -13.1% | |
| Q3 2021 | -1.7% | -4.1% | +4.0% | |
| Q2 2021 | -6.7% | -4.3% | -9.3% | |
| Q1 2021 | +8.2% | +8.1% | +2.2% | |
| Q4 2020 | +0.6% | -2.5% | +30.7% | |
| Q3 2020 | -4.3% | -4.8% | -4.5% | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q4 2019 | — | — | — | |
| Q3 2019 | — | — | — | |
| Q2 2019 | — | — | — | |
| Q1 2019 | — | — | — | |
| Q4 2018 | — | — | — | |
| Q3 2018 | — | — | — | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — | |
| Q4 2012 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q2 2012 | — | — | — | |
| Q1 2012 | — | — | — | |
| Q4 2011 | — | — | — | |
| Q3 2010 | — | — | — | |
| Q3 2011 | — | — | — | |
| Q2 2011 | — | — | — | |
| Q1 2010 | — | — | — | |
| Q4 2010 | — | — | — | |
| Q2 2010 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro