Profit rises 20% on digital sales
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Warner Music Group Corp. said its fiscal fourth-quarter profit grew 20% after revenue from digital music helped offset declining CD sales.
Net income rose to $6 million, or 4 cents a share, from $5 million, or 3 cents, a year earlier, New York-based Warner Music said. Sales in the period ended Sept. 30 declined 1.5% to $854 million, beating the $839.3-million average estimate of analysts surveyed by Bloomberg.
Warner Music, working to replace sales lost to piracy and shrinking CD demand, said digital revenue from downloads and ring tones rose 26% to $156 million.
Warner Music shares rose 12 cents, or 4.3%, to $2.92.
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