Warner Music posts wider quarterly Loss
Third quarter net loss widened to $55 millionWarner Music Group posted a wider quarterly loss and disappointing revenue on Thursday as a thin slate of new releases hurt sales in the United States, Europe and Japan.
Warner, the world's No. 3 music company based on recorded music sales, said its net loss for the third quarter ended on June 30 widened to $55 million, or 37 cents a share, from $37 million, or 25 cents a share, a year earlier.
Revenue fell 16% to $652 million from $773 million.
The company's top-selling artists in the period included Michael Buble and B.o.B. The "Eclipse" soundtrack album was also a major seller.