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REALNETWORKS TO CUT
15% OF STAFF

150 RealNetworks Employees Face Layoffs, Virtual Pinks Slips To Be Streamed
Citing a downturn in technology spending and advertising, RealNetworks said Thursday (7/26) it will cut its staff by 15% and significantly reduce discretionary spending—and by "discretionary spending" we’re pretty sure they mean cash spent on liquor and whores.

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?

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