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World
Universal Music Group shares hit record low since listing
Herz — World Desk · · 30s summary · 1 min read
The essentials
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.
- Universal Music Group shares hit their lowest level since the company’s listing.
- Subscription revenue rose 16.6%, below the 19.2% expected by analysts.
- Roblox disappointed on key metrics and its bookings and revenue outlook.
- Reddit fell despite forecasting revenue above Wall Street estimates.
What we know
Universal Music Group shares fell to their lowest level since the company’s listing after the music group reported weaker-than-expected subscription revenue growth, according to Bloomberg.
Subscription revenue increased 16.6% at constant exchange rates, including the effect of the Downtown Music Holdings acquisition. Analysts had expected growth of 19.2%.
Universal Music Group is the world’s largest record label.
Roblox falls after second-quarter results
Roblox shares declined after the company reported second-quarter results. Key metrics, including user numbers and engagement hours, fell short of expectations.
The company also issued bookings and revenue forecasts below expectations.
Reddit declines despite stronger forecast
Reddit forecast current-quarter revenue above Wall Street estimates, but its shares still declined.
The drop came after the company announced no new data-licensing agreement.
Key figures
16.6%
Universal Music Group subscription revenue growth at constant exchange rates, including an acquisition
19.2%
Subscription revenue growth expected by analysts
Reported growth16.6
Analysts’ expectation19.2
What remains unclear
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