RealNetworks Q1 Revenue Dips Slightly
May 5, 2016 at 3:59 PM (PT)
REALNETWORKS, INC. reported Q1 2016 revenue of $28.2 million compared to $29.9 million in the previous quarter and $28.8 million in the first quarter of 2015. Missing revenue came from the SLINGO and social casino games business, which were sold during the third quarter of 2015.
"In the first quarter of 2016, we continued to make progress in turning REALNETWORKS around and setting the company up for growth and a return to profitability in the quarters ahead," REALNETWORKS Chairman/CEO ROB GLASER said.
"First, we realigned two of our divisions to focus our business on the best opportunities in front of us. Second, we hired REZA RASSOOL as CTO and helped bring in MIKE DAVIS as CEO of our affiliate RHAPSODY. Third, we continued to make progress on stabilizing the company's revenue while continuing to manage operating expenses carefully."
GAAP net loss for the first quarter of 2016 was $(15.2) million or $(0.42) per share, compared to $(24.5) million or $(0.68) per share in the first quarter of 2015. Adjusted EBITDA for the first quarter of 2016 was a loss of $(8.1) million, compared to $(4.2) million for the previous quarter and $(10.8) million for the first quarter of 2015, excluding the results of the SLINGO and social casino games business, which was sold in AUGUST 2015.
For the Q2 2016, REALNETWORKS expects total revenue in the range of $26 million to $29 million and an adjusted EBITDA loss for the second quarter in the range of $6 million to $9 million.