RealNetworks beat analyst expectations for its second quarter earnings, posting $34 million in revenue and a loss of $0.77 per share. Wall Street projected $31.2 million in revenue and a loss of $0.78 per share.
However, the Seattle company saw its losses rise from this time last year, when it lost $21 million compared to a $27.8 million loss this quarter. Revenue, meanwhile, fell from $40.8 million in the year-ago quarter, but did increase from $30.6 million in Q1 2015.
RealNetworks noted that it has two million users on RealTimes, a new app the company launched two months ago that helps smartphone users create short video montages from existing photos and videos. It is the latest effort by RealNetworks — founded in 1994 by Rob Glaser and a pioneer in audio and video streaming — to gain relevance in today’s tech market.
RealNetworks continues to undergo a transformation under Glaser, who officially returned as CEO last summer after serving as the interim boss. The company laid off a small number of employees last month. The cutbacks came about a year after RealNetworks laid off 85 staffers, roughly about 10 percent of its staff.
Last month, RealNetworks shed some of its gaming assets, announcing an agreement to sell its Slingo and Social Casino games business for $18 million to London-based Gaming Realms.
The company is now valued at $153 million, and the stock dipped 4 percent today, trading at $4.30 per share. The stock is down nearly 39 percent in 2015.
