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Warner Music Group reports 55 million dollar Q3 net loss
Aug 5, 2010, 14:10 GMT
New York - Warner Music Group reported Thursday a further double-digit drop in sales as further business was lost to the internet, resulting in a net loss of 55 million dollars for the third quarter. A year earlier the net loss was 37 million dollars.
Reporting results for the three-month period ending June 30, Warner Music said revenues came to 652 million dollars, down 16 per cent from 773 million dollars a year earlier.
For the nine-month period, Warner Music said its revenues came to 2.23 billion dollars, down 4 per cent from 2.33 billion dollars in the same period of the previous year.
Net losses for the nine-month period through June 30 meanwhile reached 99 million dollars, from 88 million dollars previously.
Analysts noted the trend of declining compact disc sales in a market in which consumers are increasingly downloading the music they want from the internet.
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