SAN MATEO, CA (Hypebot) — The day after Napster launched its MP3 store to mixed reviews, the company's quarterly report showed net losses narrowing and net revenue up almost 6%. But Napster's core offering subscriptions, grew only fractionally during the quarter to 760,000 from 743,000 three months earlier.
"Napster concludes fiscal 2008 with annual revenue growth of 15%, positive cash flow throughout the fiscal year and a significant year over year improvement in bottom line results," said Chris Gorog, chairman and CEO.
Net revenue for the fourth quarter of fiscal 2008 was $30.8 million, up 6 percent from $29.1 million in the prior year quarter. Net loss for the fourth quarter of fiscal 2008 was…
$4.3 million, or $0.10 per basic and diluted share, substantially lower than the net loss of $8.5 million, or $0.20 per basic and diluted share, in the fourth quarter of fiscal 2007.
Net revenue for the fiscal year ended March 31, 2008 was $127.5 million, up 15% from $111.1 million in fiscal 2007. Net loss for fiscal 2008 was $16.5 million, or $0.38 per basic and diluted share, a significant improvement compared to net loss of $36.8 million, or $0.85 per basic and diluted share, in fiscal 2007.
Napster ended fiscal 2008 with a total of $69.8 million of cash, cash equivalents and short-term investments. Napster had approximately 760,000 paid subscribers at March 31, 2008 compared to 743,000 paid subscribers at December 31, 2007.