LOS ANGELES, July 30 (Reuters) - U.S. digital media company RealNetworks Inc posted a slightly wider-than-expected drop in revenue and a wider net loss for the second quarter as sales declined.
But RealNetworks said it expected revenue for the third quarter to rise compared with the second quarter. 'We will look back on this quarter and view this as sort of the turning point,' RealNetworks Chief Executive Rob Glaser said in an interview.
Revenue fell 11 percent to $135.7 million compared with a year ago. Analysts, on average, had expected $136.25 million, according to Reuters Estimates.
RealNetworks, which delivers entertainment to personal computers and mobile devices, said its second-quarter net loss widened to $188.3 million, or a loss of $1.40 per share, compared with a net loss of $1.3 million, or a loss of 1 cent per share, a year earlier.
The company, based in Seattle, Washington, was seeing strong demand for its new RealPlayer SP, which lets users download videos from the Internet and works with mobile devices, Glaser said.
Most of the revenue from that product will be reflected in third-quarter results, he said.
Glaser said RealNetworks still planned to spin off its games division, but he did not give a time frame for it.
Real Network's shares were flat after-hours after closing up 1.32 percent at $3.06.
(Reporting by Alex Dobuzinskis) (please visit our entertainment blog via www.reuters.com or on http://blogs.reuters.com/fanfare/) Keywords: REALNETWORKS/ (alex.dobuzinskis@thomsonreuters.com; 1 213-955-6781) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
But RealNetworks said it expected revenue for the third quarter to rise compared with the second quarter. 'We will look back on this quarter and view this as sort of the turning point,' RealNetworks Chief Executive Rob Glaser said in an interview.
Revenue fell 11 percent to $135.7 million compared with a year ago. Analysts, on average, had expected $136.25 million, according to Reuters Estimates.
RealNetworks, which delivers entertainment to personal computers and mobile devices, said its second-quarter net loss widened to $188.3 million, or a loss of $1.40 per share, compared with a net loss of $1.3 million, or a loss of 1 cent per share, a year earlier.
The company, based in Seattle, Washington, was seeing strong demand for its new RealPlayer SP, which lets users download videos from the Internet and works with mobile devices, Glaser said.
Most of the revenue from that product will be reflected in third-quarter results, he said.
Glaser said RealNetworks still planned to spin off its games division, but he did not give a time frame for it.
Real Network's shares were flat after-hours after closing up 1.32 percent at $3.06.
(Reporting by Alex Dobuzinskis) (please visit our entertainment blog via www.reuters.com or on http://blogs.reuters.com/fanfare/) Keywords: REALNETWORKS/ (alex.dobuzinskis@thomsonreuters.com; 1 213-955-6781) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.