McClatchy reported some of the worst results of any newspaper publisher for the first quarter, with revenues sagging 13.8%. The company was particularly hard-hit in California and Florida, which accounted for 56% of the chain’s revenue decline. Among the eye-popping numbers: classified revenue was down 25.7%, led by real estate advertising (down 35.8%), help-wanted ads (off 33.4%), and automotive business (down 16.1%). As reported earlier, McClatchy CEO Gary Pruitt sees no bottom to the downturn.
McClatchy shares were up 14 percent Thursday but are still well below the 52-week high of $34.32.
