McClatchy Loses $37.7 Million In Q1 2009

If you were expecting good news from an earnings report, go somewhere else. The McClatchy Company today announced losses of $37.7 million, a 4500% increase over last year’s loss in Q1 2008.

Revenue fell 25% this quarter compared to Q1 2008, to $365.6 million.

The company said that its digital advertising was outperforming print; digital advertising revenue fell 4.7 percent while overall advertising revenue dropped 29.5 percent. However, much of digital’s decline was due to a downturn in employment advertising, as far fewer employers have a need to advertise for open positions.

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