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Warner Music Group Corp (NASDAQ: WMG) reported second-quarter FY21 revenue growth of 17% year-on-year to $1.25 billion, beating the analyst consensus of $1.18 billion.

Recorded Music revenue rose 17% Y/Y to $1.059 billion, and Music Publishing revenue rose 16% to $192 million. Digital revenue rose 23% to $860 million.

Adjusted operating income rose 19% to $178 million, with margins expanding 33 basis points Y/Y to 14.24%.

Adjusted net income rose 16% to $144 million. EPS of $0.22 beat the analyst consensus of $0.15.

The company generated $150 million in operating cash flow, and it held $588 million in cash and equivalents.

Adjusted EBITDA rose 25% to $268 million.

Chart-topping new releases from incredible artists and songwriters and bold and imaginative execution from world-class operators led to double-digit revenue growth in both Recorded Music and Music Publishing, CEO Steve Cooper said.

Impressive revenue growth from emerging streaming platforms drove healthy margins and free cash flow, CFO Eric Levin said.

Price action: WMG shares traded lower by 3.61% at $36.88 on the last check Tuesday.