The Internet-media company, which until now has been able to ride out the slumping dot-com climate, will slash 150 of its 950 employees—the first time in the streamer’s history that it has had to reduce staff.
RealNetworks expects the move will record a one-time restructuring charge of $4-5 million during the third quarter. The company projected that revenue would decline by more than 5% in the third quarter when second-quarter results were released earlier this month (hitsdailydouble.com, 7/18).
Second quarter results went something like this. The company had a net loss of $19.2 million, or 12 cents a share, compared to a loss of $27.2 million, or 18 cents a share, in the same period last year. Revenue for the quarter was $47.9 million, compared with $62.7 million a year ago. For the six months ended June 30, RealNetworks had pro forma income of $5.9 million, or 4 cents a share on revenue of $98.2 million, compared with $19.4 million, or 11 cents a share, on revenue of $116.2 million a year earlier.
Notice how we avoided using the acronym EBITDA?
LIVE NATION POSTS (ANOTHER) RECORD QUARTER
More butts in seats than ever before. (5/3a)
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THE NEW UMG
Gosh, we hope there are more press releases.
TIKTOK BANNED!
Unless the Senate manages to make this whole thing go away, that is.
THE NEW HUGE COUNTRY ACT
No, not that one.
TRUMP'S CAMPAIGN PLAYLIST
Now 100% unlicensed!
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