In an earnings report for the quarter that ended March 31st, 2009, News Corporation reported that HarperCollins’ revenue had declined by nearly 20 percent compared to last year. While the company release blamed “the weakening retail market,” it also recorded a $30 million charge resulting from the company’s massive layoffs and consolidation earlier this year.
The release noted that “Act Like a Lady, Think Like a Man” by Steve Harvey and “The Graveyard Book” by Neil Gaiman had posted strong sales for the company, with seven books reaching number one on The New York Times bestseller list during the quarter.
CEO Rupert Murdoch reflected on his company’s overall performance: “Our third quarter results directly reflect the continuing weakness of the global economic climate … We continued to make necessary operational adjustments to ensure our businesses are performing at optimum levels. We are working daily to increase market share and strengthen our core businesses, even in this very challenging environment.”