Loudeye revenues soar, loss smaller than expected
Monday April 24, 7:29 pm Eastern Time
SEATTLE, April 24 (Reuters)
- Loudeye Technologies Inc. (NasdaqNM:LOUD - news) on Monday posted a smaller-than-expected first quarter loss as revenues more than quintupled amid strong demand for its service of digitizing audio and video content so it can be transmitted over the Internet.
For its first quarter as a public company, Loudeye said its pro forma net loss before special items was $5.68 million, or 19 cents a share, compared to a loss of $1.13 million, or 8 cents a share a year earlier.
The Seattle-based company was expected to lose 22 cents a share, according to consensus analyst estimates compiled by First Call/Thomson Financial.
Revenues rose 448 percent from a year earlier, to $1.65 million, Loudeye said. Counting non-cash charges like stock-based compensation and amortization of goodwill, the loss was $10.5 million, or 35 cents a share.
Loudeye takes traditional media like video and audio tape or photographs, and converts them into a variety of digital formats so they can be viewed over the Web.
It also provides consulting as well as software applications to enable businesses to manage and maintain their own stores of digitized media.
Shares in Loudeye fell 1-1/16 to 17-9/16 amid a broad sell-off in technology shares on the Nasdaq on Monday. The company, which went public a little more than a month ago, hit a high of $54 a share before sliding as low as 14-9/16. |
