Warner Music posts quarterly loss

24 November 2009 @ 07:24 am EDT

Warner Music Group , the world's third largest music company, on Tuesday reported a quarterly loss due to higher interest expense and charges for job cuts.

The headquarters of Warner Music Group is pictured in Burbank, California August 5, 2008.

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Top selling artists in the period included Jay-Z, Madonna and Japanese acts Kobukuro and Superfly, but the company noted that the shrinking demand for CD's and the weak economy hurt its revenue and is likely to affect future results.

The New York-based company posted a net loss of $18 million, or 12 cents a share, in the fiscal fourth quarter ended Sept 30, compared with a year-earlier profit of $6 million, or 4 cents a share.

Revenue rose 1 percent to $861 million, ahead of analyst forecasts.

The company's operating loss excluding charges for job cuts was 3 cents a share as computed by Thomson Reuters I/B/E/S, compared with an average profit estimate of 5 cents per share on revenue of $820.3 million.

(Reporting by Yinka Adegoke and Franklin Paul)

Warner Music posts quarterly loss

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