RealNetworks today posted first-quarter revenue of $67 million, a decline of 23 percent, with a quarterly loss of $17 million — slipping further into the red as all of its three major divisions saw their sales decline.
Despite the result, RealNetworks CEO Thomas Nielsen, who took over last year, expressed confidence in the company’s prospects for regaining its footing.
“In the first quarter, we made progress on our turn-around plan forRealNetworks,” said Nielsen in a news release. “While it will take a while for financial results to reflect the work we are doing, we are confident that we are on the right path in simplifying our company and developing a strategy for future growth.”
RealNetworks had $167 million in cash and short-term investments as of March 31, which doesn’t include the $120 million received by the company from its sale of patents to Intel. That deal closed in early April, after the first quarter was in the books.
The company’s games division, which operates under the GameHouse brand, reported the biggest revenue decline — down 32 percent to $19.1 million for the quarter.
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