Warner Music posts quarterly loss
Cites higher interest expense, charges for job cutsNEW YORK -- Warner Music Group, the world's third largest music company, on Tuesday reported a quarterly loss due to higher interest expense and charges for job cuts.
Top selling artists in the period included Jay-Z, Madonna and Japanese acts Kobukuro and Superfly, but the company noted that the shrinking demand for CDs and the weak economy hurt its revenue and is likely to affect future results.
The New York-based company posted a net loss of $18 million, or 12 cents a share, in the fiscal fourth quarter ended Sept. 30, compared with a year-earlier profit of $6 million, or 4 cents a share.
Revenue rose 1% to $861 million, ahead of analyst forecasts.
The company's operating loss excluding charges for job cuts was 3 cents a share as computed by Thomson Reuters I/B/E/S, compared with an average profit estimate of 5 cents per share on revenue of $820.3 million.
Click here for Billboard's in-depth analysis of the Warner Music Group results.