Vivendi SA, the French-based entertainment conglomerate and owner of Universal Music, reported second quarter earnings earlier today. They results were mixed.
Second quarter earnings were reported at $813m (594m Euros). (Down heavily from last years $1.5b (1.1b Euros) largely due to gains from selling shares in DuPont). Per share, the company earned 67c a share for the quarter.
In sales, gross sales were up 7.4% on revenue of $7.1b (5.2b Euros) versus $6.6m (4.8b Euros) for the same period last year. The Universal Music Group division saw sales improve 3.8%. Sales for the Vivendi Games division were up 37.8%, largely on the strength of the World of Warcraft Franchise which has more than 9m subscribers. The games division posted a 92% rise in EBIDTA to 119million Euros.
At Universal Music, which at 25% of the global market is the worlds largest record label, operating profit for the first half of 2007 was down 25.4%. Album sales fell 15 percent to 229.8 million for the first half of the year.
It was the slowest earnings growth in six quarters for the company. For the full year, the company still expects adjusted net income to exceed 2.7 billion Euros in 2007.
More detailed press coverage on Vivendi’s finances can be found at: