RealNetworks’ 2nd-quarter loss narrows, beats analyst forecastsBy AP
Thursday, July 29, 2010
RealNetworks’ 2Q loss narrows
SEATTLE — RealNetworks Inc. said Thursday that its second-quarter loss narrowed even though its revenue fell because last year’s second quarter included a large charge reflecting the declining value of its assets.
RealNetworks, which makes technology used to deliver streaming media and other online entertainment services, reported a loss of $25.9 million, or 19 cents per share, for April through June. That compares with a loss of $188.3 million, or $1.40 per share, in the same quarter last year.
Last year’s quarter was hampered by a $175.6 million charge for the impairment of goodwill.
Revenue dropped nearly 35 percent to $88.9 million from $135.7 million in last year’s second quarter, due mainly to the partial spinoff of the Rhapsody music service at end of March. Revenue from Rhapsody contributed $40.5 million to that quarter’s total.
The company also saw revenue from technology products and solutions drop, by 11 percent to $41.1 million.
On average, analysts polled by Thomson Reuters, who typically exclude one-time items like charges, expected RealNetworks to report a loss of 9 cents per share on $90.4 million in revenue.
RealNetworks said Thursday that Dominique Trempont joined its board July 23.
Trempont, 56, is on several corporate boards, including that of Finisar Corp., and he has worked as CEO-in-residence at venture capital firm Battery Ventures and held other executive positions.
RealNetworks’ board now has eight members, six of whom are independent.
Tags: North America, Seattle, United States, Washington