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AMSTERDAM (Reuters) – Universal Music Group (AS:UMG), the largest recording label, on Tuesday reported better-than-expected first quarter revenue driven by subscription and streaming income while meeting core earnings expectations.
Revenue rose to 2.20 billion euros ($2.32 billion) from 1.81 billion a year earlier.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to 455 million euros from 396 million.
In a pre-earnings note, analysts from ING had put underlying sales at 2.12 billion euros and adjusted EBITDA at 456 million euros.
($1 = 0.9494 euros)
