New York - Major record label Warner Music Group (NYSE: WMG) has posted a loss for its fiscal first quarter, ended Dec. 31, but saw revenue from digital music sales climb 41.9% from a year ago to $132 million, and said digital now accounts for 14% of total revenue.

The company in part cited an $18 million charge from its shuttering of recently acquired concert promoter Bulldog for its performance.

"While we were obviously disappointed with this acquisition, and have since exited the business, we continue to believe that taking prudent risks to expand and enlarge our revenue opportunities is a far better strategy than standing still," Warner Music chairman and CEO Edgar Bronfman Jr. said during a conference call with analysts.

Chief financial officer Michael Fleisher also noted that sales of mobile music, including ringtones and full-track downloads, "have yet to generate significant revenue," the Associated Press reported.

Shares of Warner Music were down over 20% in trading on Wednesday afternoon.

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http://biz.yahoo.com/iw/080206/0357788.html

http://biz.yahoo.com/ap/080206/earns_warner_music_group.html (AP)

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