Warner Music Group, whose artists include R.E.M., Madonna and Green Day, said Thursday that higher costs and a shift to digital music resulted in a wider second-quarter loss, and it suspended dividends. Shares tumbled more than 20 percent, or $1.87, to $7.18 in morning trading. For the period ended March 31, the New York-based recording company reported a loss of $37 million, or 25 cents per share.
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Warner Music Group, whose artists include R.E.M., Madonna and Green Day, said Thursday that higher costs and a shift to digital music resulted in a wider second-quarter loss, and it suspended dividends. Shares tumbled more than 20 percent, or $1.87, to $7.18 in morning trading. For the period ended March 31, the New York-based recording company reported a loss of $37 million, or 25 cents per share.
