Napster Backs Q3 Guidance, CFO Resigns

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Online music retailer Napster Inc. reaffirmed Tuesday its third-quarter guidance and said its chief financial officer is resigning.


Current CFO Nand Gangwani, who has been commuting between San Francisco and Naspter’s headquarters in Los Angeles for the last four years, decided to step down for personal reasons, effective Dec. 31, Naspter said in a statement.


Current controller Susan Colvin will serve in an interim capacity with Gangwani assisting in the transition, the company said.


Napster also said that it still expects a third-quarter loss of 12 cents per share on sales of between $32 million and $34 million, which is inline with Wall Street’s predictions of a loss of 12 cents per share on sales of $32.9 million, according to Thomson Financial.


Shares in Napster were down 1.8 percent to $2.31 in early trading Tuesday on the Nasdaq. The company has never posted an annual profit.

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