Universal Music, home to Taylor Swift, Lady Gaga, and Bad Bunny, reported second-quarter revenue of 3.29 billion euros ($3.79 billion), up 13% year-over-year excluding currency effects and slightly above the 3.27 billion euro consensus estimate from Visible Alpha.

However, subscription and streaming revenue grew 15.4% at constant currency to 1.76 billion euros, marginally missing analysts' 15.5% growth forecast. The slight shortfall in the company's most closely watched metric triggered a sharp selloff despite the overall revenue beat.

Universal Music shares in Amsterdam plunged more than 23% in morning trading, putting the stock on course for its second-largest single-day decline. Shares have now fallen over 30% since January, reflecting investor concerns about slowing growth in the core streaming business.