Warner Music Group CEO Robert Kyncl Jerod Harris/Getty Images Share on Facebook Share on X Share to Flipboard Send an Email Show additional share options Share on LinkedIn Share on Pinterest Share on Reddit Share on Tumblr Share on Whats App Print the Article Post a Comment Warner Music Group swung to a net loss of $16 million in the third quarter after reporting net income of $141 million a year earlier. The company attributed the net loss to about $9 million in expenses related to the departure of the company's CFO Bryan Castellani, an increase in restructuring and impairment charges, an increase in amortization expenses, the impact of exchange rates on the company's Euro-dominated debt resulting in a $70 million loss and unrealized losses on hedging activity of $8 million in the quarter, among other items. As a result of some of these factors, operating income also decreased to $169 million from $207 million in the year-earlier period. Revenue increased to $1.7 billion from $1.5 billion, driven by an increase in streaming revenue. Recorded music revenue hit $1.3 billion, up from $1.2 billion, which includes $16 million of digital revenue from the settlement of copyright infringement cases. "This quarter we delivered massive chart hits, breakthrough stars, strong revenue growth, and market share gains...all of which show our strategy is working," said Robert Kyncl, CEO, Warner Music Group. "As we continue to evolve our company, we're focusing on the artists, songwriters, and markets with the greatest potential, while expanding our iconic catalog, and building the dynamic teams and tools that will help our talent have the biggest global impact." More to come. THR Newsletters Sign up for THR news straight to your inbox every day Subscribe Sign Up Warner Bros. Discovery Warner Bros. Discovery Adds 3.4 Million Streaming Subscribers, But 'Minecraft' and 'Sinners' Power Earnings Sony Pictures Entertainment Sony Pictures First Quarter Profit Up 76 Percent to $129 Million WWE TKO Punches Up Earnings After Announcing ESPN Megadeal, Driven By Live Events Live Feed WWE Just Dealt Peacock Another Big Blow THR, Esq Harvey Weinstein Sues 'Finding Neverland' Producers Over Tour Proceeds paramount skydance David Ellison's High Wire Act Warner Bros. Discovery Warner Bros. Discovery Adds 3.4 Million Streaming Subscribers, But 'Minecraft' and 'Sinners' Power Earnings Sony Pictures Entertainment Sony Pictures First Quarter Profit Up 76 Percent to $129 Million WWE TKO Punches Up Earnings After Announcing ESPN Megadeal, Driven By Live Events Live Feed WWE Just Dealt Peacock Another Big Blow THR, Esq Harvey Weinstein Sues 'Finding Neverland' Producers Over Tour Proceeds paramount skydance David Ellison's High Wire Act