Napster posts big quarterly loss
By Andrew Redfern @ 12th August 2008 9:33 am
Napster Inc posted a bigger quarterly loss this week reflecting a drop in the number of paid subscribers and online music service warned that the current quarter’s result will be similarly flat.Napster’s Revenue fell 6 percent to $30.3m from $32.3m this time last year. This meant that their net loss went from $4.24m in this period last year up to $4.38m.
All this was inevitable when you look at the company’s subscriber number which fell from 760,000 at the end of March to 708,000 at the end of June. Shares of Napster had closed up 7% at $1.50 but fell 3% in after hours trading once the lost had been announced. They finished up at $1.45.
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