Shares in Warner Music Group Corp. lost 5 percent in midday trading as the record label announced worse-than expected earnings due to a weak release lineup and poor sales.

Warner Music reported first quarter net income of $18 million (12 cents per share) a 74 percent plunge from $69 million (46 cents) from the same period a year earlier. That was more than 26 cents per share off Wall Street projections, according to a Bloomberg News poll.

Sales for the New York-based record company, which has significant operations in Burbank, dropped 11 percent to $928 million, also less than analysts’ projections of $956 million.

The company cited a 13 percent dip in sales of recorded music as well as poor sales from some of the labels mainstays, such Madonna, James Blunt and Enya. However, digital sales got a 45 percent boost eclipsing the $100 million mark, accounting for more than 10 percent of the label’s total revenue, Chief Executive Edgar Bronfman Jr. said in a statement.

Shares in Warner Music Group were down $1.07 to $20.44 in midday trading.