On a rare two-game skid, No. 24 Arizona faces Davidson(Bloomberg) -- Warner Music Group Corp. stock dropped the most in 18 months after the company reported disappointing fourth-quarter results and said streaming growth stalled. The record label reported net income of $48 million in the three months ended Sept. 30, down 69% from a year earlier. Revenue rose 2.8% to $1.63 billion, beating the $1.59 billion expected by analysts. Recorded music streaming revenue increased 2.1% in the quarter, a significant slowdown from the 9.6% growth in the same period a year earlier and softer than some analysts expected. The shares fell as much as 11% to $29.96 in New York after the results were released but recovered much of those losses later in the day. They were down 5.9% at 2:53 p.m. Warner Music and its larger rival Universal Music Group NV have both been grappling with investors concerns over a slowdown in streaming growth. UMG stock got walloped in July after second-quarter results showed a deceleration in subscription revenue, which it attributed to a slowdown in subscriber growth at some platforms and as Meta Platforms Inc. stopped licensing premium music videos for Facebook. Apple Inc. and Amazon.com Inc. also aren’t signing up a lot of new customers. Investors have known the streaming boom has been over for a while, but seeing the effects in the numbers has spooked Wall Street. Warner Music also said the end of its music distribution deal with BMG would weigh on financial results next year. In September, BMG, a unit of Germany’s Bertelsmann, said it would handle its digital distribution in-house, ending its nearly 8-year deal with WMG. In the first quarter, “streaming growth will be impacted by the BMG digital distribution roll-off, the digital license renewal in the prior year, and the lapping of Spotify price increases,” Bryan Castellani, chief financial officer of Warner Music Group, said on a call with analysts to discuss results. “Our digital distribution relationship with BMG that was planned to roll off by the end of fiscal ‘24 will now continue into fiscal ‘25.” That will affect revenue in the first quarter by about $16 million, he said. Recorded Music revenue was up 3.6% to $1.34 billion, in the fourth quarter, however the end of the distribution agreement with BMG resulted in $25 million less revenue compared with a year earlier, the company said. A renewal with one of the company’s digital partners also resulted in a $4 million “unfavorable impact” on recorded music streaming revenue. Music publishing revenue fell 1% to $295 million, missing analysts expectations of $313 million. (Updates with streaming revenue in third paragraph.) More stories like this are available on bloomberg.com ©2024 Bloomberg L.P.NASA’s industry partners under the second initiative have made progress in developing technologies to advance future low Earth orbit space missions. Table of Contents Space Exploration and In-Orbit Transportation Northrop Grumman, Blue Origin, SpaceX and Outpost Technologies are focused on maturing their spacecraft designed for commercial space transportation, logistics and research, human transportation to the moon and Mars, and cargo delivery. Blue Origin is advancing work on its integrated commercial space transportation capability to ensure safe, affordable and high-frequency U.S. access to orbit for crew and other missions. SpaceX and Outpost Technologies have completed flight tests of the Starship reusable rocket and the Cargo Ferry reusable cargo vehicle, respectively. SpaceX is now preparing to launch new generations of Starship in advance of the under NASA’s Artemis program. Northrop Grumman, meanwhile, cleared a project management review with NASA related to the company’s development of the . Commercial Space Station NASA has partnered with Sierra Space and Vast to build in-orbit space stations as the existing International Space Station nears the . Sierra Space has completed two full-scale ultimate burst pressure tests of its Large Integrated Flexible Environment, a NASA-funded inflatable habitat structure component. The company also tested materials for the habitat’s air barrier to ensure they meet the recommended safety standards. Ahead of the expected 2025 launch of the Haven-1 commercial space station, Vast achieved technical milestones, including fabricating key components such as the primary structure pathfinder, hatch, battery module and control moment gyroscope. It also completed a solar array deployment test and the station’s preliminary design review. In-Space Servicing and Manufacturing NASA partners Special Aerospace Services and ThinkOrbital are focused on in-space servicing and manufacturing capabilities. Special Aerospace Services is developing an for the assembly of commercial LEO space stations, servicing, retrieval and inspection of in-space systems, while ThinkOrbital works on autonomous in-space welding, cutting and X-ray inspection technologies. “Our commercial partners’ growing capabilities in low Earth orbit underscore NASA’s commitment to advance scientific discovery, pioneering space technology and support future deep space exploration,” said Angela Hart, manager of the Commercial LEO Development Program at NASA’s Johnson Space Center.
None
No. 24 Arizona is coming off consecutive defeats for the first time in the Tommy Lloyd era when it faces undefeated Davidson on Wednesday to begin the Battle 4 Atlantis in Paradise Island, Bahamas. Arizona (2-2) lost at Wisconsin 103-88 on Nov. 15 and followed that with a home loss against Duke 69-55 on Friday. The Wildcats have dropped 15 spots in the Associated Press Top 25 poll in two weeks. Arizona's record is .500 this early in a season for the first time since it was 3-3 to start the 2017-18 schedule. "I've got work to do, so let's get to work," said Lloyd, in his fourth year as Arizona's head coach. "Let's see where we're at in a month, and if we're still struggling, you know what I'll do? I still got work to do, but I'm gonna get to it." Arizona shot 39.6 percent from the field against Duke, and just 26.1 percent (6 of 23) from 3-point range. The Wildcats were outrebounded by 43-30 and their 15 turnovers led to 19 points. Jaden Bradley led Arizona with 18 points and KJ Lewis added 12. Preseason All-American Caleb Love had eight points on 3-of-13 shooting from the field, including 1-of-9 from 3-point range. Arizona made only one field goal in the last 5:39 as Duke pulled away after its lead was trimmed to six points. "We didn't play great," Lloyd said. "Now we need to take a step back and figure out why. Are there some schematic problems? Are there some problems with how our personnel is kind of put together? "We got to figure out what our certainties are, and the things we have to have, and then over the course of the next couple of days, if there's adjustments we need to make, we need to figure out what those are." Davidson is 4-0 after a 15-17 record last season, in which it lost its last six games to put an end to postseason hopes. A 93-66 win over visiting VMI on Friday followed a 91-85 win at Bowling Green and 76-70 victory over visiting East Tennessee State. The two wins by 10 points or fewer are important because Davidson was 6-12 in such games last season. It was 4-11 in games decided by five points or fewer. "The goal (is) to get better," Davidson head coach Matt McKillop said after the season opener. "We talk about fighting to win every possession. I think we had to figure out what that really felt like with the lights on." Davidson made 13 shots from 3-point range in the win over VMI. Reed Bailey had 23 points, eight rebounds and six assists. Bobby Durkin added 19 points, including 17 of them and a career-best five 3-pointers in the first half. Bailey leads Davidson in scoring (19 points per game) and rebounding (7.8). Durkin is shooting 57.9 percent (22 of 38) from the field and 54.2 percent (13 of 24) from 3-point range. By contrast, Arizona's Love is shooting 32 percent (16 of 50) from the field and 21.4 percent (6 of 28) from beyond the arc. Bradley leads Arizona with 15.5 points per game. He is shooting 50 percent (24 of 48) from the field and is 35.7 percent (5 of 14) from 3-point range. --Field Level MediaThe Darnold-Jefferson connection is thriving for the surging Vikings