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Billboard and paidContent.org report on the release of fiscal second quarter earnings at Warner Music Group.

The company posted a loss of $68 million or 45 cents per share. In the same period last year, they lost $37 million or 25 cents a share. A chunk of this was a $33 million dollar write down on its investments in Lala and Imeem.

The report was below Wall Street's expectations. Revenue dropped 17%, falling to $668 million and Wall Street had been looking for $730.2 million. After the investment charges, the earnings per share came to a loss of 23 cents, whereas Wall Street had been expecting a loss of 25 cents.

One good note, however, is that the company is sitting on a lot of cash. $658 million to be exact. This is around 20% more than what they held in their last quarter.

Finally, an interesting note from paidContent.org's Robert Andrews:

Music sales still sliding: The company blames ďa light release schedule and the turbulent global economyĒ, saying better releases are coming toward yearís end.

Counted among those releases will no doubt be Diddy's "Last Train to Paris."

Warner Music Group is the parent of Atlantic Records and their family of labels, which includes Bad Boy.