Warner Music Group posts falling profits and sales

Warner Music posts falling profits and sales

Warner Music Group has said in a statement that their first-quarter profit and sales have fallen. The figures are worse than what the market had expected from them.

The company failed to gain from the recently launched albums from Josh Groban and My Chemical Romance.

Warner Music reported that the net income dropped 74 percent to $18 million, or 12 cents a share, from $69 million, or 46 cents, a year earlier. Market had expected them to post net income of 26 cents per share.

The sales were also down 11 percent to $928 million. Market had expected them to post figures of $955.9 million.

Their sales of albums also slid 13 percent as the company had little to offer to the listeners. The company had albums from Madonna, James Blunt and Enya in the previous year helping sales.

Warner however managed to increase sales from digital media. The revenues from online sales touched $100 million, or 11 percent of total revenue.