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NEW YORK (AP) - Shares of Napster Inc. soared Tuesday after the online music distributor raised its fourth-quarter revenue guidance, citing strong subscriber growth and better-than-expected sales of downloads.
Napster said Tuesday it now expects revenue of between $16.5 million and $17.5 million for its recently ended fiscal fourth quarter. Analysts surveyed by Thomson Financial are looking for the company to post a fourth-quarter loss of 63 cents per share on sales of about $14.5 million.
This marks the second time in about five weeks that Napster has raised its forecast for fourth-quarter revenue.
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