Universal Music reports better than expected 3Q core earnings

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Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) were 539 million euros ($538 million), compared to 461 million euros in the third quarter of 2021.

Analysts had forecast EBITDA at 524 million euros, according to Refinitiv data.

Revenue rose 13.3% to 2.66 billion euros, with streaming and subscription revenue up 7.7%. The revenue figure included a 71 million euro benefit due to the settlement of a copyright infringement lawsuit, the company said, which also influenced EBITDA.

($1 = 1.0020 euros)