RealNetworks continues to struggle as it attempts to execute a corporate turnaround under the guidance of founder and interim CEO Rob Glaser. The Seattle company posted a net loss of $11.7 million on revenue of $56.8 million.
That compares to a net loss of $17 million on revenue of $66.9 million for the same period last year. It finished the quarter with cash and short-term investments of $260.6 million.
“We continue to execute our turnaround plans to put RealNetworks on a path to growth and sustainable profitability,” said Glaser in a statement.
Revenues in each of the company’s three operating units — games, RealPlayer and mobile entertainment — saw declines. Games saw the biggest decline, dropping 27 percent to $13.9 million. (Previously: GameHouse chief Matt Hulett leaving RealNetworks for mystery job)
Shares of RealNetworks have taken a beating in recent months, down 25 percent in the past year. It now has a market value of $260 million, which equals the company cash, cash equivalents and short-term investments.