Toby Sterling

AMSTERDAM, (Reuters) – Universal Music Group (AS), the biggest recording label reported Tuesday a better than expected first quarter revenue thanks to streaming and subscription income. It also met core earnings forecasts.

From 1.81 billion in a year ago, revenue rose to 2.20 Billion Euros ($2.32 Billion).

The adjusted earnings before interest tax, depreciation, amortization and taxes (EBITDA), was 455 million Euros, up from 396 millions.

Analysts at ING stated that underlying sales were 2.12 Billion Euros and adjusted EBITDA was 456 M euros. This is in a pre-earnings note.

($1 = 0.9494 euros)