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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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)
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