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News |  05 Aug 2010 18:18 |  By RnMTeam

Warner Music Group posts loss in third quarter

MUMBAI: Warner Music Group saw revenue fall in the third quarter as well, as the company posted a wider quarterly loss and disappointing revenue.

It's Warner's sixth consecutive quarterly loss as the recording industry continues to struggle. The world's number three music company based on recorded music sales, said its net loss for the third quarter ended on June 30 widened to $55 million, or 37 cents a share, from $37 million, or 25 cents a share, a year earlier.

Revenue fell 16 percent to $652 million from $773 million.

The company's top-selling artists in the period included Michael Buble and B.o.B. The 'Eclipse' soundtrack album was also a major seller.

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