Napster reports losses, may be up for sale
You know your company is in trouble when the latest press release includes "continues to reduce cash burn" in the title. Napster shareholders got just that, along with the news that Napster lost $9.8 million, $0.23 per share, in the first quarter of the fiscal year. However, this was a "cash burn reduced" decline from $19.9 million, $0.46 per share, a year ago. Napster's subscription service also declined, down 7 percent to 512,000 users, including 4,000 at universities. Believe it or not, this is also good news, at least according to Napster CEO Chris Gorog.
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