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UMG Share Price Regains Some Losses (With Help from WMG) During Chaotic Week for Stocks

Universal Music's stock regained some losses after Warner Music's earnings report, which showed recorded music streaming revenue growth of 8.7%.

Stocks were hammered on Monday(Aug. 5) as markets reacted to a disappointing U.S. jobs report the prior Friday (Aug. 2), leading to mounting concerns the economy could fall into a recession. WMG’s latest earnings results, which showed that recorded music streaming revenue grew 8.7% after a few adjustments, may have convinced some UMG investors that they overreacted. The Billboard Global Music Index, a float-adjusted measure of 20 companies’ market capitalizations, rose 3.1%, breaking a streak of four consecutive weeks with a loss.

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