Warner Music Group reported fiscal second-quarter revenue of $1.5 billion, up 7 percent from a year ago, and net income of $96 million, up from $37 million a year ago. While both numbers saw a jump, the company reported earnings per share of 18 cents per share, below Wall Street expectations of 20 cents.

The bottom-line results were driven by a strong operating performance, $12 million in savings from a March2023 restructuring plan, and the impact of exchange rates on the companys Euro-denominated debt, which led to a gain of $21 million in the quarter compared to a loss of $20 million in the prior-year quarter. Our performance in the quarter was driven by an acceleration in Recorded Music subscription streaming growth and continued momentum in music publishing, said Bryan Castellani, CFO of Warner Music. Encouraged by the continued growth in engagement and value of music, we remain focused on delivering on our strategy and driving long-term shareholder value.

Recorded music revenue was up 4 percent over the year-ago period to reach $1.2 billion, with major sellers including Zach Bryan, Ed Sheeran, Jack Harlow, and Green Day. Music publishing revenue was up 19 percent to $306 million in the quarter.

In February, the company announced plans to lay off 600 employees to free up more money for music investment over the next decade. The company sold Uproxx, HipHopDX, Dime Magazine to Jarret Myer, Rich Antoniello andwill.i.am.

This quarter we saw a healthy, dynamic mix of hits across a range of genres, geographies, and generations, said Robert Kyncl, CEO of Warner Music Group. With our commitment to artist and songwriter development as our guiding principle, we continue to discover great talent, build sustainable careers, champion the value of music, and grow the catalog of tomorrow. We are positioning WMG for long term growth and look forward to delivering successful music in the second half of 2024 and beyond.