Spoken word audio content provider
today reported its second quarter 2002 earnings. The good news is the company’s content revenue increased 112 percent over the same quarter a year ago.
Unfortunately, that good news is tempered with some bad news as well — the company still reported a net loss of almost US$4.6 million on revenues of more than $2.5 million — about a US$0.17 per share loss. That hasn’t tempered Audible CEO and chairman Donald Katz’s enthusiasm for his company’s outlook, however, which he reminded has been built on sixteen straight quarters of content revenue growth.
“We are confident that our strategy of increasing consumer awareness of, and access to, our award-winning products will help us move quickly toward our ultimate goal of cash flow positive operations,” Katz added.
Highlights for the company’s financial quarter included customer base growth to more than 161,000 customers — an 85 percent increase year over year. Apple also announced plans to integrate Audible’s service into iTunes and iPod products. Audible and Mac Publishing LLC, publishers of Macworld magazine, Macworld.com and MacCentral.com, also entered into a content and marketing partnership.
Audible, Inc. also announced that the NASDAQ stock exchange has approved the company’s application to move its stock listing from the National Market to the Small Cap Market starting today.