RealNetworks CFO to Resign as Profit Drops
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RealNetworks Inc., maker of the most popular Internet media player software, said Paul Bialek, its chief financial officer, will step down as it reported a steep drop in second-quarter earnings.
The Seattle-based company also warned that it might not have a profit in its third quarter. Analysts were expecting earnings of 2 cents a share.
RealNetworks shares fell to as low as $9.50 in extended trading after closing up 27 cents at $10.78 on Nasdaq.
The company said pro forma net income, which excludes one-time items, plunged 77% to $2.4 million, or a penny a share, as revenue fell 24% to $47.9 million. Analysts on average expected profit of 2 cents on revenue of $51.6 million.
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