– Major record label Warner Music Group (NYSE: WMG) reports that revenue from its fiscal
first quarter, ended in December, was up 3% to $918 million, although the
company posted a net loss for the quarter of $17 million. Foreign sales were up
12.7%, helping to defray sales that were down by 9.5% in the U.S., making
for an overall 3.4% increase in income.
International markets also helped boost
digital income for Warner, which was up 10.3% in the quarter; digital now makes
up 22% of global sales, and 34.7% of U.S. sales.
Revenue from digital
music sales was up 8% in the quarter, to $184 million, compared to a year ago
— although were flat compared to the previous quarter.
"U.S. results were tempered by
continued general economic pressures and the transition from physical sales to
digital sales in the recorded music industry," the company said.