RealNetworks narrows loss in Q2
Digital entertainment services firm RealNetworks reported second quarter revenues of $88.9 million, down from $135.7 million a year ago–however, net loss for the quarter was $25.9 million, a significant improvement over losses of $188.3 million reported in the second quarter of 2009. RealNetworks credited the revenue slide to the spinoff of its Rhapsody music service, noting that Rhapsody revenues contributed $40.5 million to the firm’s Q2 2009 haul–compared to the year-ago quarter, Real experienced a 2 percent increase in Media Software and Services revenue to $19.6 million, a 5 percent decrease in Games revenue to $28.1 million and an 11 percent decrease in Technology Products and Solutions revenue to $41.1 million.
Looking ahead at the third quarter of 2010, Real expects overall revenue to dip slightly from Q2, anticipating softness in Games. In related news, the firm named Matt Hulett head of the Games unit, replacing John Barbour–Hulett, formerly chief revenue officer of the Games business, brings with him more than 20 years experience in digital gaming and online services, including executive stints with Expedia and Shockwave.com.
Last month, RealNetworks announced plans to reorganize its business and operational structure, eliminating 85 jobs including about one quarter of its executive ranks. Real consolidated its Technology Products and Solutions and Media Software and Services business units, creating teams focusing on product development, sales and marketing, and service delivery–in addition, the firm reduced office space in Europe, Asia and its Seattle headquarters. According to RealNetworks, the reorg represents the latest step in its ongoing efforts to simplify, restructure and grow.
For more on RealNetworks’ Q2 results:
- read this release
- also check out FierceWireless‘Q2 earnings page
Related articles:
RealNetworks reorganizes, eliminates 85 jobs
RealNetworks debuts social gaming platform
Sprint teams with RealNetworks to streamline music services
RealNetworks CEO Rob Glaser steps down
More: continued here
