Universal Music Shares Jump as Subscriptions Boost Sales

Universal Music Group NV’s shares jumped as much as 7.1% on Wednesday after it reported first-quarter sales that beat analyst estimates, boosted by strong subscriber growth.

Revenue at the record label for artists such as Taylor Swift and Sabrina Carpenter rose 9.5% from a year ago when adjusted for currency fluctuations to €2.90 billion ($3.31 billion), Universal said in a statement after market hours on Tuesday. That compared with the €2.76 billion average analyst estimate, according to data compiled by Bloomberg.