Blog: Hypebot

EMI has reported a $546 million pre-tax loss on slightly increased gross revenues of $2.3 billion revenues for the fiscal year that ended in March 2012. Because much of the loss came from tax write-down, in an email to EMI staff, CEO Roger Faxon called the results an "incredibly strong performance... set against the backdrop of a challenging state of the music market and wider economic conditions". Faxon dismissed the loss as "just an accounting issue" because much of EMI's loss came thanks to a $582 million write-down of the value of its two divisions (recorded [...]