Warner Music Group Turns To Profit In Q2

(RTTNews) - Warner Music Group Corp. (WMG) reported that its second-quarter net income was $117 million compared to a net loss of $74 million in the prior-year quarter.

Operating income was $151 million compared to an operating loss of $49 million in the prior-year quarter. The increase in operating income was primarily due to strong operating performance, lower non-cash stock-based compensation and other related expenses in the quarter of $151 million and continued cost-management efforts.

Adjusted net income was $144 million compared to $124 million in the prior-year quarter.

Revenue for the quarter grew to $1.25 billion from $1.07 billion last year. Analysts polled by Thomson Reuters expected the company to report revenues of $1.18 billion. Analysts' estimates typically exclude special items.