Skip to main content

Shares of

Warner Music

(WMG) - Get Warner Music Group Corp. Class A Report

slid 12% in the wake of another poor earnings report from a traditional mainstream record label bedraggled by the digital competition.

Early Thursday, Warner Music posted a loss in its fiscal second quarter of $68 million, or 45 cents a share, wider than the year-ago period's loss of $37 million, or 25 cents a share.

Scroll to Continue

TheStreet Recommends

Bottom-line figures for the just-ended quarter include write-downs on equity investments Warner made in two online music-streaming startups, indicating that the company's move into the digital world has been choppy.

Stripping out those one-time charges, the company said its adjusted loss was 23 cents a share, two cents narrower than analysts were expecting.

Warner Music said revenue slid 17% to $668 million.

The company's stock closed Thursday's session at $4.85, down 60 cents, or 11%, on more than double the daily average volume.

Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.