Warner Music reports reduced losses as declining CD sales are made up for by online downloading. “The New York-based recording company reported a loss of $18 million for the fiscal second quarter ended March 31. That compares with the prior year’s $45 million loss. The company didn’t provide a per-share figure. Revenue grew 4.4 percent to $767 million from $735 million. Recorded Music revenue expanded 4.9 percent to $621 million, ‘led by digital sales mostly offset by declines in physical sales, the company said.”