Napster Posts Smaller 3Q Deficit
February 8, 2008 at 5:34 AM (PT)
Online music retailer NAPSTER said WEDNESDAY its loss narrowed in its fiscal third quarter on lower operating expenses and a 15% jump in revenue from its slate of subscription offerings.
For the three months ended DECEMBER 31st, the company posted a net loss of $2.8 million, or 6 cents per share, compared with a net loss of $9.5 million, or 22 cents per share, in the same period a year earlier.
Revenue totaled $32.8 million, up 15 percent from $28.4 million in the year-ago quarter. Excluding a nonrecurring benefit from prepaid download cards that expired without being redeemed, revenue for the latest quarter was $30 million, the company said.
NAPSTER said it closed the quarter with about 743,000 subscribers, a decline of less than 1% from the second quarter. The company said it expects revenue in the fourth quarter to be in the range of $29 million to $31 million. Analysts were expecting revenue of $35.2 million.