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Universal Music Shares Jump on Strong Q3 Results

Universal Music Group shares jumped after third-quarter subscription revenue grew 9.5 percent, beating market expectations. The performance eased concerns about slowing growth and helped the stock top Europe index.

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FILE PHOTO: The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 20, 2021. REUTERS/Arnd Wiegmann/File Photo

UNIVERSAL MUSIC GROUP NV shares jumped 15% on Friday morning after third-quarter subscription revenue growth beat expectations. The surge brought the stock to the top of the STOXX 600 index following a challenging period for the company.