Real's revenue falls 11 percent |
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Real's revenue falls 11 percent
RealNetworks' revenue continues to decline. The Seattle provider of online games, music and other services posted revenue of $135 million in the second quarter, an 11 percent fall off from the same period last year. All of the company's main units saw declines in sales, except for music, which posted a 9 percent increase.
Meanwhile, the company's net loss mushroomed to $188.3 million, based primarily on impairment charges. RealNetworks had warned last week that it would report an impairment charge of up to $176 million for the quarter due to an impairment to "all or substantially all of the company's goodwill," because the company's market value was trading below its book value for an extended period.
Real said at the time that the impairment "does not reflect a change in the company's view of its business prospects or expected future result."
"In spite of a difficult consumer environment, our business remained relatively stable in the second quarter," said RealNetworks CEO Rob Glaser in the earnings news release today. "Looking forward, even though we expect the economy to remain weak, we expect to show sequential improvement in the second half of the year based in part on new products such as our innovative RealPlayer SP."
The loss reported today was bigger and the revenue declines sharper than analysts expected, according to Reuters.
Real's cash position at the end of the second quarter was $362 million, which is just below its $411 million market value.
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