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Universal Music Stock Takes Big Hit, As Streaming And Subscription Revenue Shrinks
The UMG stock lost $16 billion in market value.
Universal Music Group ’s stock dived 24% today, after it revealed its revenue growth from subscription and streaming services fell below expectations. The company’s second quarter subscription revenue slowed to 6.9% growth year-over- year, excluding foreign exchange (FX). UMG VP and CFO Boyd Muir said the year-over-year deceleration in subscription growth was “partially due to the timing of price increases” from its partners.
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