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Warner Music quarterly loss widens, drops dividend

Thu May 8, 2008 6:50am EDT

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NEW YORK, May 8 (Reuters) - Warner Music Group (WMG.N) on Thursday posted a wider net loss in its fiscal second quarter and suspended a quarterly dividend to strengthen its balance sheet.

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The world's third largest music company, posted a net loss of $37 million or 25 cents a share, compared with a loss of $27 million or 19 cents a year ago.

Revenue rose 2 percent to $800 million, although factoring out the impact of the weak dollar, revenue declined 3.6 percent. (Reporting by Franklin Paul and Yinka Adegoke; Editing by Derek Caney)

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