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Earnings Roundup

Warner Music

CD sales drop widens net loss

August 07, 2009|Times Wire Reports

Warner Music Group Corp. reported a wider third-quarter loss on declining CD sales and costs to retire debt.

The net loss expanded to $37 million, or 25 cents a share, from $9 million, or 6 cents, a year earlier, New York-based Warner Music said.

Sales fell 9.3% to $769 million in the period ended June 30, topping the $760-million average estimate of analysts surveyed by Bloomberg.

Warner Music, whose artists include Green Day and Metallica, fell 37 cents, or 6.5%, to $5.28.

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