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Universal Music Group shares hit record low since listing
Universal Music Group shares fell to their lowest level since the company’s listing after subscription revenue growth missed expectations. Revenue rose 16.6% at constant exchange rates, including an acquisition, compared with the 19.2% expected by analysts. Roblox and Reddit shares also declined following their respective financial updates. Roblox disappointed on several key metrics and its outlook, while Reddit fell despite forecasting current-quarter revenue above Wall Street estimates and announcing no new data-licensing agreement.