REALNETWORKS EARNINGS
PLUNGE 60%

Online music software developer RealNetworks reported pro forma earnings dropped 60% to $3.5 million, compared to $8.8 million in the same quarter a year ago.

Meanwhile, net losses for the quarter grew 30% to $24.4 million, up from a loss of $18.8 million during the same time frame last year.

Revenue fell 6% to $50.4 million from $53.5 million.

Despite the downturn, RealNetworks points to its securing of major deals, including its MusicNet partnership with AOL Time Warner, Bertelsmann and EMI, as signs of future potential growth. However, the company said it expects second-quarter results to be similar to the first quarter, which disappointed some analysts who had projected slight sequential revenue growth.

On Tuesday (4/17), the company's stock closed down 1.8% at $8.59