Universal Music Group posts flat first quarter revenue
Revenue was 2.9 billion euros, flat due to a weak dollar but up 8.1% in constant currency. Adjusted EBITDA fell 3.8% to 636 million euros this period.
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UNIVERSAL MUSIC GROUP NV reported flat first-quarter revenue of €2.9B ($3.39B) on Wednesday afternoon as currency headwinds offset organic growth. Revenue rose 8.1% in constant currency, though a weaker United States dollar erased these gains in reported terms. Investors must weigh UMG's underlying growth against the EUR/USD volatility impacting the bottom line.
