Vivendi Growth Slow, UMG Down Just Slightly
July 25, 2008 at 8:46 AM (PT)
Shares in VIVENDI fell as the FRENCH media group announced smaller than expected growth in second-quarter sales, reports FORBES. VIVENDI shares were down 1.01 euros or 3.76% at 25.97 euros as the CAC-40 index lost 0.25 percent to 4,337.27.
The main disappointments compared with estimates were in the group's UNIVERSAL MUSIC GROUP and games divisions, CHEUVREUX analysts said in a note to clients.
UNIVERSAL MUSIC recorded revenue of eu2bn, down 2.4%, partly because of the weak dollar. At constant currency, however, revenue rose 4.9%.
VIVENDI said UNIVERSAL MUSIC's first-half sales had been a "solid performance" in spite of "difficult market conditions."