We can’t speak for murky accounting, but this is the line-by-line breakdown presented by Warner Music Group on Thursday, specifically for the calendar fourth quarter of 2011.
These are worldwide figures, with total quartely revenues remaining largely level at $779 million.
Within that top-line figure, physical formats dropped 23 percent, digital formats gained 27 percent, and publishing improved by 3 percent. Perhaps most importantly, net losses widened 44 percent to -$26 million.
And, for a deeper dive, here’s the full earings report from WMG.