UMG rises on subscription revenue recovery
** Shares of Universal Music Group UMG.AS rise about 2%, paring earlier gains of 5.6%, after the music label reported higher-than-expected Q3 revenue and subscription revenue
** The label's Q3 total revenue comes in at EUR 2.87 bln ($3.12 bln), ahead of the EUR 11.64 bln expected by analysts, according to consensus data quoted by Jefferies
** UMG reported Q3 subscription revenue growth of 8.2% y/y, pacing up from +6.9% y/y in Q2
** "After last quarter's soft results spooked the market, third-quarter recorded music subscription revenue bounced back to what we expect is a long-term trendline," Morningstar says
** Stock sits on top of Amsterdam blue-chip index AEX .AEX
($1 = 0.9207 euros)
Reporting by Alban Kacher
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