Napster, still doggedly referring to itself as “the biggest brand in digital music” in their press releases, today reported financial results for its fiscal second quarter ended September 30, 2005.
“Napster posted a net loss of US$13.6 million, or 32 US cents a share, compared with a net loss of US$15.3 million, or 44 US cents per share in the year-ago quarter. Revenues of US$23.4 million compared with US$9.3 million. Analysts’ consensus had forecast Napster to post a second quarter loss of 47 US cents and revenues of US$21.7 million,” Reuters reports.
“For the second quarter ended 30 September, the total number of Napster paid subscribers grew to 448,000. For the quarter ended 30 June, paid subscribers, excluding university subscribers, totaled 402,000. It was unclear if the latest second quarter subscriber figure included university subscribers,” Reuters reports.
Full article here.
Napster ended the second quarter with a total of $127.3 million of cash, cash equivalents, and short term investments, including $13.8 million in net value of shares of Sonic Solutions stock.
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Revenues of $23.4 million for the quarter with a net loss of $13.6 million. For the purpose of comparison, on October 11th, Apple announced their earnings results for the quarter ended September 24, 2005. Apple reported revenue of $3.68 billion and net income of $430 million. Apple’s music revenue totaled $1.477 billion for the quarter. In the last quarter, Apple matched Napster’s total quarterly music revenue of $23.4 million sometime during the 34th hour of their quarter. Now, about that “the biggest brand in digital music” stuff? Do the math.
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