WMG earnings

WABBIT HOLE: In the bad news/good news department, Warner Music's fiscal Q3 loss widened, but not as much as analysts had expected. For the quarter ended June 30, Warner reported a loss of $55 million, or 37 cents a share, compared with a year-earlier loss of $37 million, or 25 cents a share. Revenue dropped 16% to $652 million, blamed on what Warner accurately called a "light" release schedule. The company said digital revenue rose 2.3% and made up 27% of total revenue. Operating income on the record side dropped 46% as revenue slid 18%. It’s WMG’s sixth straight quarterly loss. Shares have fallen 17% so far this year. (8/5a)