Warner Music posts larger 3rd-quarter loss on light release schedule, CD sales decline

Warner Music 3Q loss widens as CD sales fall more

LOS ANGELES — Recording company Warner Music Group says its net loss expanded in its fiscal third quarter, as CD sales continued to fall and the company released fewer big albums than a year ago.

Its net loss in the three months to June 30 grew to $55 million, or 37 cents per share, from $37 million, or 25 cents per share, a year ago.

Revenue dropped 16 percent to $652 million from $773 million.

Excluding a one-time charge for severance payments of 6 cents per share, the adjusted loss of 31 cents per share was better than 37 cents per share expected by analysts surveyed by Thomson Reuters.

Analysts were looking for a decline in revenue to $678 million.

Shares fell 6 cents, or 1.3 percent, to $4.63 in midday trading Thursday.