Struggling RealNetworks posted a $22 million net loss for the third quarter, driven in part by $11 million in restructuring charges tied to employee severance costs as well as losses on excess office facilities and the transfer of contracts to Livewire Mobile. That compared to a $5.2 million net loss for the same period last year.
Revenues also dipped 10 percent, coming in at $59.1 million as revenues fell in all core categories a Emerging Products (down six percent); Core Products (down 33 percent); and Games (down 35 percent).
Despite the headwinds, interim CEO Rob Glaser pledged to get RealNetworks back on track.
“We are working hard to put RealNetworks on a path to growth and profitability,” said Glaser, who assumed the interim CEO title earlier this year from Thomas Nielsen. “We have made progress and have a strategy that we are in the process of implementing.”
RealNetworks finished the quarter with $46.9 million in restricted cash and securities. It had a market value of $264 million at last count.
RealNetworks, which sold off some of its patents earlier this year to Intel for $120 million, laid off about 80 staffers in the summer and noted at the time that other cuts were coming. It had about 980 people at the time of those layoffs.