RNWK Downgraded To Market Perform

RealNetworks, Inc. RNWK reported smaller losses than expected by Morgan Keegan, showing $600k in losses vs. MK's $1.5M, and has been downgraded to Market Perform. GAAP EPS showed losses of $0.19, 14 pennies below MK's expectations due to non-operating losses and restructuring expenses. RealNetworks finished its 2Q with $313M in net cash or $2.32/share. Morgan Keegan's EBITDA estimates for 2010 are $15M and $6M for 2011, due to projected continued pressure on the Games business. RealNetworks, Inc. closed yesterday at $3.59.
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Posted In: EarningsLong IdeasNewsDowngradesMarketsAnalyst RatingsInc.Information TechnologyInternet Software & ServicesMorgan KeeganRealNetworks
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