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UMG Stock Rises on Record Earnings & Layoffs, Sphere Makes Big Gains Following CEO Share Trades
Universal Music's stock is up amid layoffs while Sphere shares made big gains this week. The Billboard Global Music Index reached a new high overall.
In reducing its headcount and eliminating some positions, UMG is “redesigning our organization to enhance our capabilities in the areas most critical to our future growth and success,” CFO Boyd Muir said during the earnings call Wednesday (Feb. 28). Less impactful to the share price was TMZ ‘s news that the Eagles are in talks for a fall residency at the $2.3 billion Sphere in Las Vegas. The stock rose 22.0% to $2.77 on Thursday after the company’s fourth-quarter earnings report suggested the fog might be lifting from an advertising slowdown that has hurt broadcast radio revenues.
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