RealNetworks Inc (RNWK) Reports $18.5 Million Loss
RealNetworks Inc (NASDAQ:RNWK) has reported their second quarter financials. The company has reported a loss of $18.5 million for Q2 and they reported a revenue decline as well. RealNetworks Rob Glaser joined the company as the interim CEO over a year ago.
Glaser indicated that he has plans to turn the company around and pointed out the acquisition of social casino company Slingo, which is being rolled into their Games division.
“In sum, I’m very confident that we’re on a path to revitalize Real,” stated Glaser. “While it will take time, and we have much hard work ahead of us, I believe we’re setting ourselves up for growth and sustainable profitability.”
The RealPlayer Group revenue is down 17% at $18.4 million, the Mobile Entertainment revenue is down 29% to $18.6 million, and their Games division is down 26% to $12.9 million. RealNetworks also reported an $18.5 million loss for the quarter compared to profits of $81 million a year ago.
The company’s loss of $18.5 million is way lower from profits of $81 million a year ago. The earlier results are boosted by a net gain from a sale of patents to Intel for $117.9 million. RealNetworks’ revenue for the recent quarter is at $49.9 million, which is down 24% from the same quarter a year ago.
RealNetworks has $236.7 million in cash and short-term investments as of June 30, according to GeekWire. RealNetworks is also moving their headquarters near Safeco Field in Seattle, which will save them almost $7 million in rent per year.