Warner Music Group Corp. (NASDAQ:WMG) shares traded higher Friday after the music entertainment company reported second-quarter results that topped Wall Street estimates, driven by strong streaming growth, margin expansion, and gains across recorded music and music publishing.

Earnings Beat Expectations

Warner Music reported second-quarter revenue of $1.732 billion, beating analyst estimates of $1.612 billion. Earnings came in at 35 cents per share, ahead of consensus estimates of 27 cents.

Total revenue increased 17% year over year, or 12% in constant currency, supported by growth in both recorded music and music publishing operations.

Adjusted OIBDA rose 31% year over year, or 24% in constant currency, to $397 million, reflecting improved operating leverage and cost discipline.

Streaming Momentum Drives Growth

The company said growth was fueled by accelerating streaming performance, supported by higher per-subscriber pricing and continued market share gains.

Management also highlighted ongoing cost-saving initiatives and operational efficiencies, which helped drive margin expansion. Warner Music expects ...