RealNetworks reported its financial results for the second quarter, which ended at the end of June. These included record revenue of $82.7 million, and net income of $4.7 million.
The company’s record revenue was a 26% increase from last year’s second quarter in which its revenue was $65.5 million. The net income is a great improvement compared to the company’s net loss of $4.6 million last year.
“We’re especially pleased with our launch of Rhapsody 25, a compelling and legitimate free music alternative to illegal P2P sites, and our industry-leading base of 1.15 million premium music subscription customers,” added Glaser.
According to a press release, the results for the second quarter include a gain of about $7.6 million associated with the divestiture of its investment in MusicNet, which was offset by approximately $6.5 million of incremental marketing expenses associated with the launch of the company’s Rhapsody music products during the quarter.
Before antitrust litigation expenses of about $4.7 million, RealNetworks’ net income for the quarter was $9.4 million, or $0.05 per share.
The company also announced that its Board of Directors has authorized the repurchase of up to $75 million of Real’s outstanding common stock.
Chris is a staff writer for Webproworld. Visit Webproworld for the latest ebusiness news.
