McClatchy Reports Q3 Profit, "Jarring" Decline In Revenue
McClatchy Co. earned $23.6 million this quarter, up from $4.2 million a year ago, but the newspaper publisher’s shares slid 16 percent to $3.36 in afternoon trading, the AP reports. Why?
“Investors are more concerned with McClatchy’s shrinking revenue than they are impressed with the publisher’s ability to shed expenses.” And excluding one-time gains, the difference between the owner of the Miami Herald’s Q3 2009 and Q3 2008 isn’t that different: the company would have earned $11 million this quarter compared to $10.4
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