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Earnings Roundup

RealNetworks profit falls 97%

August 01, 2007|From Times Wire Services

RealNetworks Inc., owner of the Rhapsody online music service, said second-quarter profit declined 97% from last year, when an antitrust settlement with Microsoft Corp. boosted results. Its third-quarter profit forecast missed estimates.

Net income fell to $1.33 million, or 1 cent a share, from $38.9 million, or 22 cents, a year earlier, the Seattle-based company said. Analysts anticipated that RealNetworks would break even, according to estimates compiled by Bloomberg.

For the third quarter, the company forecast a loss of 1 cent to 3 cents a share on revenue of $141 million to $145 million. Analysts polled by Bloomberg had expected the company to break even in the third quarter on sales of $141.9 million.

RealNetwork shares fell 5 cents to $7.12 before the report. They have fallen 35% this year.

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