Financial PerformanceFX issues in Q1 led to a lower than expected adj. OIBDA margin, causing management to adjust margin expectations.
Industry TrendsConcerns are raised about the underlying music streaming industry growth slowing more quickly than expected, which is reflected in WMG's multiple compression over the past year.
Revenue ExpectationsQ2 sub rev is expected to decelerate further, creating higher pressure on the second half of the year.