RealNetworks CFO to Resign as Profit Drops

RealNetworks Inc., maker of the most popular Internet media player software, said Paul Bialek, its chief financial officer, will step down as it reported a steep drop in second-quarter earnings.

The Seattle-based company also warned that it might not have a profit in its third quarter. Analysts were expecting earnings of 2 cents a share.

RealNetworks shares fell to as low as $9.50 in extended trading after closing up 27 cents at $10.78 on Nasdaq.

The company said pro forma net income, which excludes one-time items, plunged 77% to $2.4 million, or a penny a share, as revenue fell 24% to $47.9 million. Analysts on average expected profit of 2 cents on revenue of $51.6 million.