Q3 For WMG Shows $37M Loss
August 6, 2009 at 5:00 AM (PT)
WARNER MUSIC GROUP posted a quarterly loss TODAY (8/6) as recorded music sales continued to fall. The world's third-largest music company reported its loss from continuing operations was $37 million, or 25 cents a share, in Q3, which ended JUNE 30th, compared with a year-earlier loss of $9 million, or 6 cents a share.
Revenue fell 9.3 percent to $769 million.
REUTERS reports analysts were expecting revenue of $760.9 million and a loss of 16 cents per share.
Digital music revenue grew by 5.4% to $175 million, which is nearly 23% of total revenue.