Source Pravda.Ru

Warner Music Group Corp reports losses and stock drop

Warner Music Group (WMG), the third-largest of the "big four" major record labels, reported a larger second-quarter loss and suspended its quarterly dividend.

The net loss increased up to $37 million, or 25 cents a share, from $27 million, or 19 cents, a year earlier. Income taxes totaled $13 million, up from $1 million a year earlier.

The loss influenced the picture of Warner Music Group at New York Stock Exchange trading. The company experienced the biggest ever drop of its stock by 29 percent to $6.39.

The 13 cent-a-share dividend was eliminated to build cash and make investments in artists. Record labels were hurt by piracy and consumer preference for buying single songs rather than full albums. Industry sales in the U.S. fell 17 percent this year.

Comments
Russia will not let NATO warships into Sea of Azov
Is Putin guilty of the Kerch school massacre?
Putin: Russians will go to heaven in case of nuclear war
Edward Snowden does not feel safe in Russia
Is Putin guilty of the Kerch school massacre?
Russia joins forces with Egypt to establish law and order in the Middle East
Russia joins forces with Egypt to establish law and order in the Middle East
Russia joins forces with Egypt to establish law and order in the Middle East
Russia will not let NATO warships into Sea of Azov
Russia will not let NATO warships into Sea of Azov
Sergei Skripal does not believe Russia poisoned him
Russia delivers technologically advanced S-300 systems to Syria
Chief of Russian National Guards declines Navalny's TV debate offer
Is Putin guilty of the Kerch school massacre?
Is Putin guilty of the Kerch school massacre?
Russia builds her first-ever turbojet engine for civil aviation
Is Putin guilty of the Kerch school massacre?
Is Putin guilty of the Kerch school massacre?
Quadrillion tons of diamonds found underneath Earth's surface
Russia delivers technologically advanced S-300 systems to Syria
Putin: Russians will go to heaven in case of nuclear war