AMSTERDAM (Reuters) – Universal Music Group (UMG), the largest record label, on Thursday reported better than expected third-quarter core earnings due to rising streaming revenues and a legal settlement.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were 539 million euros ($538 million), compared to 461 million euros in the third quarter of 2021.
Analysts had forecast EBITDA at 524 million euros, according to Refinitiv data.
Revenue rose 13.3% to 2.66 billion euros, with streaming and subscription revenue up 7.7%. The revenue figure included a 71 million euro benefit due to the settlement of a copyright infringement lawsuit, the company said, which also influenced EBITDA.
($1 = 1.0020 euros)
(Reporting by Toby Sterling; editing by David Evans)
