Warner Music today posted a quarterly loss that was wider than expected as the company contends with rapidly dropping music sales.
The net loss widened to $17m compared with a loss of $14m for the year-ago quarter.
Revenue declined 2% to $804m during the period, falling short of Wall Street analysts' average expectation of $832.2m.
'This decline was driven by a challenging recorded music industry environment as the shift in consumption patterns from physical sales to new forms of digital music continues,' the company said in a statement.
Recorded music sales fell 4% in the period, hurt by softer demand in Britain, France and Canada.
