Napster predicts a happy ending for fiscal 2006
Napster Inc. expects to close out the fourth quarter with substantially higher revenue than originally forecast.
For the year, Napster now is telling investors and research analysts that revenue for its fiscal 2006 fourth quarter is expected to exceed $26 million, an increase of at least 49.4% over $17.4 million in Q4 2005.
Napster, No. 269 in the Internet Retailer Top 400 Guide to Retail Web Sites, also expects a narrower net loss in the fourth quarter, but didn’t break out any specific numbers. “Napster`s premium subscriber growth was extremely strong during our most recent quarter, resulting in revenue that exceeded our expectations,” says chairman and CEO Chris Gorog. “We significantly reduced our operating expenses, continuing to deliver on our commitment to substantially decrease our cash burn. The development of our new Napster.com web-based initiative is progressing very well.“
Napster will end its current fiscal year with more than 600,000 users worldwide, the company says.
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