RealNetworks (RNWK) Tops Q3 EPS by 16c

November 3, 2016 5:51 PM EDT

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RealNetworks (NASDAQ: RNWK) reported Q3 EPS of ($0.08), $0.16 better than the analyst estimate of ($0.24). Revenue for the quarter came in at $31.4 million versus the consensus estimate of $29.64 million.

"For 2016 we established three major financial goals. We're on course to achieve two of them," said Rob Glaser, Chairman and CEO of RealNetworks. "We've stabilized our businesses and have begun to see revenue growth.

"We're particularly pleased with the strong performance of our new first-party titles in our GameHouse unit, with sales up 14% sequentially, as we continue to ramp up production of high quality games. We're also continuing to roll out the integration of our mobile products with carriers like Vivo, Verizon, and Vodafone.

"Our third financial goal of the company was to return to profitability by the end of the year. While we have significantly reduced our costs, EBITDA loss and cash consumption - in fact in Q3 we increased our cash position by $2.0 million, we do not currently expect to return to EBITDA profitability in 2016. While we are not making this change lightly, we think we're making the right mid- to long-term tradeoff by making measured investments to drive our future growth and profitability."

For earnings history and earnings-related data on RealNetworks (RNWK) click here.

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