Earnings: Napster Q2 Revs Fall; Paid Subs Fall
This story was written by Joseph Weisenthal.
Struggling online music player Napster (NSDQ: NAPS) has reported Q2 revenue of $30.3 million, a decline of 5.9 percent from $32.2 million a year ago. Net loss was fairly flat at $4.3 million ($.10 per share) compare to a loss of $4.2 million ($.10 per share) a year ago. The company said it had 708,000 paid subs at the end of the quarter, a decline from 760,000 at the end of Q1. The company also touts good results from its new MP3 store, but it's hard to get a grip on what these numbers actually mean: "The introduction of MP3's into our line-up has created positive trends for Napster with increases to visitation and user engagement. In addition, track sales per subscriber were up 10% in July, month over month, with total track sales up 5% during the same period." For the coming quarter, the company sees revenue of about $30 million again.
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By Joseph Weisenthal