Warner Music Group Q1 revenue falls 5% YoY to $1.67B; net income up 25% but OIBDA down 20%

Warner Music Group Corp.

Total revenue $1,666M, down 5% YoY; Recorded Music revenue down 7% to $1,345M, Music Publishing up 6% to $323M.
Net income rose 25% to $241M; operating income fell 40% to $214M; adjusted OIBDA down 20% to $363M.
Operating cash flow $332M (+13%); free cash flow $296M (+12%); reaffirms full-year subscription streaming revenue guidance.
Announced multi-year agreement with Spotify covering both Recorded Music and Music Publishing.
Investing in A&R and catalog acquisitions; Tempo Music investment as part of disciplined M&A strategy.

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