Warner Music posts smaller-than-expected loss
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Thu, 07 Aug 2008 11:58:31 GMT |
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Reuters |
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US (Business) |
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NEW YORK (Reuters) - Warner Music Group posted a smaller-than-expected quarterly loss on Thursday, as improved sales in Europe softened the effects of the slowdown in the global music industry.The world's third-largest music company's net loss for the fiscal third quarter ended on June 30 narrowed to $9 million, or 6 cents a share, from $17 million, or 12 cents a share, a year earlier.Revenue rose 5 percent to $848 million, although factoring out the benefits of the weak dollar, sales declined 1.1 percent.Wall Street analysts polled by Reuters Estimates had been expecting a loss of 18 cents on revenue of $766.5 million.U.S. sales declined 6.5 percent but were overshadowed by a 17.2 percent rise in sales in Europe and Canada. On a constant-currency basis international revenue grew 3.6 percent.Digital revenue rose to $166 million, a rise of 39 percent from a year earlier but flat from the previous quarter.Major sellers during the quarter included Madonna, Disturbed, Plies and Frank Sinatra.(Reporting by Yinka Adegoke; Editing by Derek Caney) (c) Reuters 2008. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world.
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