Bill Ackman's top stock UMG crashes 26% after results, Citi downgrades
), in which Bill Ackman’s Perishing Square Capital holds a significant stake, saw its shares crash more than 26% Thursday after releasing quarterly results.
But subscription revenue came in at 1.137 billion euros, falling short of the Visible Value consensus of 1.179 billion euros. Overall, second-quarter revenue amounted to 2.93 billion euros, a 9.6% increase year-over-year in constant currency terms, surpassing the 2.89 billion euros expected by analysts.
“The first is the unprecedented level of revenue volatility between different revenue lines,” analysts wrote. “The second is that, just as we expected cash conversion to become cleaner, it appears to have got worse with a fairly significant step-up in net content investment.”
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