RealNetworks upped its revenue and cut costs in the second quarter as it shifts focus toward several future “key growth initiatives.”
RealNetworks posted $33.1 million in revenue for the second quarter, an 11 percent increase over this time last year. The media company also reduced operating expenses $3.2 million over this time last year.
“We are pleased with our second quarter results, which saw solid performance in all three of our divisions,” said Rob Glaser, Chairman and CEO of RealNetworks. “We also made good progress in lowering our cost structure and realigning our resources to support a few key growth initiatives. We believe these growth initiatives, the first of which will come to market later this year, will deliver meaningful revenue contributions in 2018 and beyond.”
RealNetworks stock rose Friday morning following the company’s earnings report.
RealNetworks’ three divisions focus on consumer media, mobile services and games. Consumer media is organized around the company’s most recognizable product: RealPlayer. Mobile services includes products like ringback tones and mobile messaging services. And the games division consists mostly of GameHouse, which RealNetworks acquired in 2004, and brings in revenue through selling games, ads on game sites and micro-transactions within games.