COMPANY TOWN: EARNINGS ROUNDUP / WARNER MUSIC
Times Wire Reports
Warner Music Group Corp. reported online sales growth slowed, losses widened and that it wrote down investments in Internet start-ups Imeem.com and Lala.com.
Warner’s losses widened in the quarter to $68 million, or 45 cents a share. A year earlier, the company’s losses totaled $37 million, or 25 cents.
Excluding one-time charges, the loss of 23 cents a share narrowly beat analysts’ forecasts of a 25-cent loss, according to Thomson Reuters.
Overall revenue fell 17% to $668 million during the quarter. Analysts expected sales of $739.2 million.
