Universal Music Group’s stock closed up 7.9% on Thursday, adding roughly $2.5 billion to the company’s market capitalization after third-quarter results showed subscription growth ahead of analyst expectations.
The rally was even steeper intraday, with UMG’s valuation climbing by as much as $4.8 billion at one point during trading before settling at the day’s close. The jump signals investor confidence in the major label’s streaming-driven revenue trajectory heading into year-end.
Read the full story at Music Business Worldwide.