Warner Music Group Corp. said lower revenue and a large severance charge resulted in a larger fourth-quarter loss

The music recording and publishing company, which is headquartered in New York City but has extensive West Coast operations in Burbank, on Wednesday reported a net loss of $46 million (-31 cents per share), compared with a loss of $18 million (-12 cents) year earlier. The company said a severance charges related to job cuts lopped 23 cents off its income, which otherwise would have 8 cents per share.

Revenue fell 13 percent to $752 million, as the music industry continues to struggle with the sales shift from CDs to digital music. Recorded music and music publishing revenue both were down roughly 13 percent each, but digital revenue rose 7 percent. Warner’s artists include Linkin Park, Phil Collins and Jay-Z.

Combined digital and non-traditional revenue has grown to nearly 40 percent of total revenue, according to Chief Executive Edgar Bronfman. He noted that the company has signed a new deal with music streaming service Spotify, which has more than 10 million users in Europe but is not yet available in the United States.

“Our work to diversify revenue, and conservatively manage our costs, continues to help minimize the industry’s ongoing recorded music pressures,” said Bronfman in a statement.

Analysts surveyed by Thomson Reuters on average expected a per-share loss of 13 cents per share on revenue of more than $731 million.

Shares closed down 44 cents, or 7.5 percent, to $5.42 on the New York Stock Exchange.