Warner Music Group Corp., the recording company of Madonna and Metallica, posted a wider third- quarter loss because of expenses tied to job cuts and a drop in compact disc sales. The shares closed at a record low.
The net loss of $17 million, or 12 cents a share, expanded from $14 million, or 10 cents, a year earlier, New York-based Warner Music said today in a statement. Revenue fell 2.2 percent to $804 million, missing the average $842.7 million of three analysts' estimates compiled by Bloomberg. The loss excluding some costs and gains also trailed projections.
Revenue from recorded music fell 3.7 percent in the quarter as albums by Linkin Park and Michael Buble didn't drive sales as much as new releases from Red Hot Chili Peppers, James Blunt and T.I. a year earlier. Increased sales of downloaded music and mobile-phone ringtones failed to make up for the decline in CDs.
Read More Here
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment