CEO Roland Smith will retire and Troy Rice will oversee e-commerce as Office Depot’s new chief operating officer.
Online entertainment services company RealNetworks reported record revenue of $145.1 million for the third quarter of FY 2007, a 55% increase year over year. Gains were attributed in part to rising games and music sales.
Online entertainment services company RealNetworks Inc. reported record revenue of $145.1 million for the third quarter of FY 2007, a 55% increase year over year. Net income for the third quarter of 2007, ended Sept. 30, was $4.3 million compared with $42.2 million in the third quarter of 2006.
RealNetworks, No. 94 in the Internet Retailer Top 500 Guide, attributed revenue growth to several sources. They included games revenue of $28.8 million, a 28% increase from $22.5 million in the prior year quarter; music revenue of $37.7 million, up 24% compared with $30.4 million the third quarter of 2006; and technology products and applications sales of $53.3 million, a 377% increase from Q3 2006.
Technology products and applications include mobile music, video and ringtone sales to wireless networks. RealNetworks chalked up the rise in that business line largely to the acquisition of WiderThan in the fourth quarter of 2006. WiderThan provides ringtones, music-on-demand and other mobile entertainment services to more than 50 wireless carriers in more than 25 countries.
“In the third quarter we both achieved solid operating results and made great strides strategically,” says Rob Glaser, chairman and CEO. “On the strategic side, we formed deep alliances with Viacom’s MTV Networks and Verizon Wireless, which we believe will drive our Rhapsody music business forward very significantly.” Rhapsody is RealNetworks` digital music service.
For the full year 2007, Real expects revenue in the range of $563 million to $568 million.