Warner Music Group post profits but decreased revenues

Warner Music Group has come out with their latest revenue reports and the company has posted a fourth quarter profit as they gained from the lawsuit filed over p2p company Kazaa.

However, the company failed to impress the market analysts as the sales fell compared to the sales in the same period last year.

Warner Music Group posted a fourth-quarter profit of $12 million, or 8 cents a share. Last year they had posted loss of $30 million, 21 cents per share.

If they exclude the money made from the Kazaa deal, the company posted a loss of 1 cent per share. Warner reported impressive gains from sales of artists including Red Hot Chili Peppers, Gnarls Barkley and Panic At The Disco. However, the revenues were still down 5.6 percent to $854 million from $905 million a year earlier.

The company added that their sales through the digital music stores doubled to $104 million. It now accounts for 12.2 percent of total revenue.

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