CNET también está disponible en español.

Ir a español

Don't show this again

Xbox Series X The Game Awards 2019 Netflix's The Witcher final trailer Stop robocalls Watch the Geminid meteor shower peak Best phones of 2019 beats analysts' expectations

The online music company reports quarterly earnings that exceed Wall Street expectations on a surge in revenues from advertising and a growth in use of download technology.

Online music company today reported quarterly earnings that exceeded Wall Street expectations on a surge in revenues.

The company posted a pro forma net loss of $10.6 million, or 17 cents per share, for the fourth quarter ending Dec. 31. In the same period a year earlier, the company made $102, 431.

Revenues for the quarter reached $15.3 million, up from $613,116 in the year-ago period and $4.1 million in the previous quarter.

Analysts polled by First Call had projected a loss of 23 cents per share.

At 1 p.m. PST, the close of regular market trading, shares were down $1 to $30. The earnings report was issued after the close of regular trading. In after-hours trading, shares were trading around $32., widely viewed as a market leader in digital music, primarily offers free online audio tracks by independent artists; it had a hot initial public offering in July. chief executive Michael Robertson attributed the earnings to a huge rise in online advertising and to the development of new technology for listening to and downloading music from the Net.

"We believe our cash reserves, our enviable brand equity, as well as our strategic vision and content scalability should well pave the way for continued growth," Robertson said in a statement.

Robertson also touted his company's enhanced version of the, which includes Beam-it and Instant Listening programs. With the new programs, Net users can get digital copies of CDs they already own or of music they've purchased from the company's CD retail partners.

Despite its success, however, the new programs have come under fire.

Last week the Recording Industry Association of America sued, alleging copyright violations. The association accused the company of creating an unauthorized digital music catalog of up to 45,000 CDs, claiming that many of the works are the copyrighted property of its members.

The complaint could result in having to pay tens of billions of dollars in damages.