RealNetworks (RNWK) Reports Q1 Loss of $0.12, Revenues Beat

RealNetworks (NASDAQ: RNWK) reported Q1 EPS of ($0.12), versus $0.04 reported last year. Revenue for the quarter came in at $43.1 million versus the consensus estimate of $33.11 million.

• Generated consolidated revenue of $43.1 million
• Games revenue up 16% year-over-year driven by success of free-to-play strategy
• Pivoting SAFR strategy to focus on the intersection of public health and public safety
• CEO Rob Glaser invested $10.0 million into the Company
• Judd Lee Named Senior Vice President, Chief Financial Officer and Treasurer

Management Commentary

"The new decade is off to a completely unexpected start, as everyone knows. We mourn the loss of a quarter of a million people around the world due to COVID-19. We're also very mindful that, for most of the world, including our home country, the pandemic continues to be massively disruptive to our daily lives," said Rob Glaser, Chairman and CEO of RealNetworks.

Mr. Glaser continued, "In that context, at RealNetworks, we have four primary areas of focus:

(1) The safety and well-being of our employees and their families, our customers, and our communities; (2) Running Real in a fundamentally different way than we have run the company before; (3) Operating with mission, focus, and excellence; and (4) Finding new ways for us to contribute with our products and services to the new challenges the world is facing."

"I'm very impressed by how well our team is responding to these challenges with purpose, focus, clarity, and creativity. Our first quarter financial performance reflects this, especially in the third month of the quarter. I am grateful to our team members for their excellent work, and am hopeful that the impact of the team's great work will become even more significant and impactful in the weeks and months ahead," concluded Mr. Glaser.

Business Outlook

Given the ongoing uncertainty surrounding the global economy and the future impact of COVID-19, RealNetworks is not providing guidance for the second quarter ending June 30, 2020.

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

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