RealNetworks reports big loss, names John Chapple to board |
Connect with TechFlash on our Facebook page for all the latest technology news headlines and commentary, plus information and access to special events, photos from events, promotions and more.
Today On Techflash
- Startup of the Week: LocalBonus aims at 'buy local' movement
- Seattle webcomic The Oatmeal generates Tesla-Edison controversy
- Amazon falls on world's most valuable brand list; Microsoft at No. 5
- Former Yahoo CEO Scott Thompson resigns from F5 board
- 350 million Windows 7 devices to be sold this year: Microsoft
- Microsoft rolls out facial recognition for Windows Kinect
Mass High Tech
RealNetworks reports big loss, names John Chapple to board
Revenues dipped and losses rose at RealNetworks during the first quarter, but CEO Rob Glaser said the company showed resiliency amid "the deepest recession in decades." The Seattle online distributor of games and music posted a net loss of $12.1 million, which compared to net income of $2.4 million for the same period last year.
Revenues declined five percent to $140.8 million. The company's technology products and services and media software and services groups each saw double digit declines in revenue, while online music revenues rose 16 percent to $44 million.
Real remains in a strong financial position with cash and short term investments of $376.5 million -- just above its market value of $354 million.
Shares lost nearly three percent earlier today, but bounced back one percent in after hours trading.
In addition to the earnings news, RealNetworks also announced that Verdiem CEO Jeremy Jaech was stepping down from the board. He will be replaced by John Chapple, a former wireless executive who now runs the Seattle area private equity fund Hawkeye Investments.
Chapple, the former CEO of Nextel Partners, serves on the board of Yahoo and was rumored earlier this year to be a candidate for the top post of the Internet company.
Due the overall problems in the economy, Real did not provide future guidance for its business. However, the company said that it expects "2009 to be a challenging year for consumer spending, online advertising and corporate infrastructure spending."
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.
TechFlash Team
Recent Sponsor Posts
Follow, like, and connect to a broader audience for your company!
The Puget Sound Business Journal announces Social Madness: A Corporate Social Media Challenge, presented by Capital One Spark Business. This a local and national challenge that will spotlight the best social media programs of companies in 43 cities. The local challenge begins (following the nomination period) on June 1, 2012. The promotion will culminate in a national bracket challenge that will crown Social Madness champions in 3 categories based on company size. To see the official rules, visit http://www.socialmadness.com/rules.
For more information on how your company can participate, visit the nomination page here. Nominations are due May 15th.
BizDev Seminar Series - Leadership: Rallying People to a Brighter Future
Join us for this one-of-a-kind seminar series where you hear directly from the experts about hot topics to grow your business.
The skills to be effective as a leader can be learned. What are the skills and attributes needed to be effective top leaders? How do you tell what level your people are at, and what development skills each person needs? Workshop attendees will learn the answers to these questions and more.
Tuesday, May 17, 2012
8:30am - 10:30am
The Harbor Club, Seattle
Register here.
