The new CEO of RealNetworks promised further changes as the company posted a net loss of $2.8 million for the fourth quarter on revenue of $80.2 million, a decline of 18 percent.
“We are clearly not satisfied with the company’s 2011 performance and, as a result, we have an increased sense of urgency to refocus RealNetworks for growth and profitability,” said CEO Thomas Nielsen in a news release. “We are already taking steps to simplify our existing businesses, restructure our company and unlock shareholder value. At the same time, we are developing and will acquire businesses that target large and fast growing addressable markets.”
Revenue in the company’s Core Products unit, including services for wireless providers, fell 20 percent in the fourth quarter to $46.7 million. Emerging Products revenue, including RealPlayer, fell 5 percent to $12 million. Games revenue slipped 21 percent to $21.5 million.
RealNetworks received a positive reaction in late January to the news that it’s selling a large portfolio of patents to Intel for $120 million.
Nielsen made similar comments about the need to refocus the company in an interview with GeekWire following the Intel patent news.