RUMOR MILL
Thursday, August 2, 2001
MP3.COM SWEATS THE
SMALLER STUFF
Online Music Company Lost Less,
But Made Less, Too
But Made Less, Too
Guess good things come in smaller packages.
MP3.com Inc. posted second-quarter losses today that were smaller than last year’s second-quarter period. The netco had a pro-forma loss of $1.6 million, not including acquisition-related expenses, compared to a loss of $5.2 million last year, and its net loss was $11.6 million or 17 cents per share, compared with the net loss of $177.1 million or $2.71 a share a year ago. However, it suffered a drop in revenue from $20.2 million to $17.5 million.
MP3.com is currently in the midst of being acquired by the Universal Music Group, which plans to use the music site as part of its planned Pressplay subscription-based music service in partnership with Sony Corp.
