RealNetworks Revenue Falls In Second Quarter
August 5, 2015 at 1:40 PM (PT)
REALNETWORKS, INC. second quarter 2015 revenue fell 17% to $34 million, with GAAP net loss increasing from $21 million to $27.8 million (59 to 77 cents/diluted share).
"During the quarter, we launched RealTimes, a breakthrough product which provides the fastest and easiest way for consumers to get the most out of their personal photos and videos," said Chairman/CEO ROB GLASER. "RealTimes, which automatically creates personalized stories that can be easily customized and shared, is off to a great start with over 2 million users in the first 2 months.
"We are also pleased to report continued strong growth at the RHAPSODY music service, in which we play a significant role and have a large ownership stake, which recently announced that it has surpassed 3 million paying subscribers.
"At the same time that we're investing in the roll out of RealTimes, we are also taking steps to focus REALNETWORKS on its best opportunities, generating cash from non-core assets and reducing operating expenses. Our announced sale of our SLINGO and social casino games business for $18 million is a significant step in support of these objectives."
For third quarter 2015, the company expects total revenue in the range of $29.0 million to $32.0 million and an adjusted EBITDA loss in the range of $15 million to $18 million, excluding the divestiture of the SLINGO and social casino games business. Including that pending sale, total revenue is projected in the range of $27 million to $30 million and adjusted EBITDA loss in the range of $14 million to $17 million.