US: Washington Post Co. Q1 profits drop 39%
Posted by Jean Yves Chainon on May 5, 2008 at 2:08 PM
First-quarter profits at the Washington Post Co. declined 39%, hit by a one-time charge at Newsweek magazine and the continuing struggles of its newspaper division.
The newspaper division, whose flagship title is the Washington Post, reported $1.2 million in operating income, down 92% year over year. Revenue was $206.1 million, down 6% from $219.2 million last year. Print ad revenue dropped 11% over the same period, mostly due to the decline in classified advertising.
"We had a disappointing first quarter as a result of several factors: steep losses in classified revenues driven by local economic factors, continued migration of revenue to the Internet and general softness as advertisers affected by the tough economy pull back on spending," said Katharine Weymouth, chief executive of Washington Post Media.
Source: Washington Post - Business Spectator through IFRA Executive News Service
The newspaper division, whose flagship title is the Washington Post, reported $1.2 million in operating income, down 92% year over year. Revenue was $206.1 million, down 6% from $219.2 million last year. Print ad revenue dropped 11% over the same period, mostly due to the decline in classified advertising.
"We had a disappointing first quarter as a result of several factors: steep losses in classified revenues driven by local economic factors, continued migration of revenue to the Internet and general softness as advertisers affected by the tough economy pull back on spending," said Katharine Weymouth, chief executive of Washington Post Media.
Source: Washington Post - Business Spectator through IFRA Executive News Service
Posted in :
Related Entries
0 TrackBacks
Listed below are links to blogs that reference this entry: US: Washington Post Co. Q1 profits drop 39%.
TrackBack URL for this entry: http://www.editorsweblog.org/mt/mt-tb.cgi/6687
Leave a comment