RealNetworks Surges

The online media outfit reaffirms full-year revenue guidance after beating second-quarter estimates.
Author:
Publish date:

RealNetworks

(RNWK) - Get Report

jumped 10% late Tuesday after the online media outfit beat second-quarter estimates and rolled out a $75 million stock buyback.

For its second quarter ended June 30, RealNetworks earned $4.7 million, or 3 cents a share, reversing the year-ago loss of $4.6 million, or 3 cents a share. Revenue rose to $82.7 million from the year-ago $65.5 million. Wall Street had expected a break-even quarter on revenue of $81 million.

"With increased profitability, record revenue and a base of more than 2 million paid subscribers, we continue to make solid progress," said CEO Rob Glaser. "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."

The company also reaffirmed full-year revenue guidance, calling for a full-year top line of around $328 million.

Late Tuesday, the stock rose 55 cents to $5.60.