Liquid Audio’s Loss Narrows to $6.1 Million
Liquid Audio Inc., an online music services provider, said its third-quarter net loss narrowed and added it will lay off 15% of its work force to further reduce costs.
Liquid Audio, based in Redwood City, Calif., reported a third-quarter net loss of $6.1 million or 27 cents per share, compared with a loss of $8.9 million, or 40 cents a share, a year earlier.
Third-quarter revenue fell 62% to $1.3 million.
The company said it is reducing its work force by about 15%, following a 40% reduction in May.
Results were announced after 4 p.m., when Liquid Audio was up 3 cents at $2.59 in Nasdaq trading.