Warner Music's Revenue Fell 14% in First Quarter
Date: Thursday, February 10, 2011 @ 15:18:37 UTC

Warner Music Group lost $18 million in the last three months of 2010, or 12 cents a share, as new albums by artists like Josh Groban, Michael Bublé and Kid Rock fell short of expectations, the company announced. The company’s revenue was $789 million for the period, its fiscal first quarter, down 14 percent from the same period last year. Warner, the only publicly traded major music label not owned by a larger conglomerate, took an $11 million charge in severance payments, or 7 cents a share, as it continued to shrink its staff in recorded music. Complete Article

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