Shares of Universal Music are jumping after it beat revenue expectations

Shares of Universal Music rose yesterday after beating revenue expectations.

Strong sales from the recording giant’s artists such as Taylor Swift and Sabrina Carpenter helped boost third-quarter revenue to £2.4 billion, up 4.3 percent from a year earlier.

The largest music company in the world saw its shares rise by no less than 5 percent in Amsterdam after the investor update.

Ultimately, they closed 1.7 percent higher.

Analysts had expected sales to reach £2.3 billion in the three months to the end of September.

Universal got a boost from a 7.6 percent increase in subscription revenue.

The company said price increases from streaming platforms such as Spotify also boosted revenue growth.

But physical media sales fell 2 percent during the quarter as growth in vinyl sales failed to fully offset the decline in CD purchases.

Deutsche Bank analyst Silvia Cuneo said it was a “solid quarter” for the record label.