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RealNetworks Revenue Dips; Subscriptions Hit 1 Million

From Reuters

Digital media software maker RealNetworks Inc. on Tuesday posted a quarterly loss as revenue dipped slightly from a year earlier and said it reached a milestone of 1 million customers for its online entertainment subscription service.

The maker of software used to send and receive audiovisual content over the Web said its net loss for the quarter ended March 31 was $2.8 million, or 2 cents a share, compared with a profit of $1 million, or 1 cent, a year earlier.

RealNetworks Chief Executive Rob Glaser said the results were consistent with the company’s plans to hire staff after cutting expenses in the latter half of 2002.

RealNetworks, which is trying to reduce its reliance on corporations that use its software and boost service subscriptions, said it now has more than 1 million subscribers for its online services, which offer news, music and games for a monthly fee.

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RealNetworks, which announced last week that it would acquire online music provider Listen.com, said it posted a slight loss of $382,000, or break-even on a per-share basis, after adjusting for stock-based compensation, investment losses and amortization.

First-quarter revenue fell to $46.9 million from $47.3 million a year earlier.

Shares of the Seattle-based firm rose to $5.12 in after-hours trading after the results were released. They closed on Nasdaq at $5.03, down 7 cents.


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