The McClatchy Company saw continued double-digit drops in revenue in October with revenue dropping 17.8 percent to $176 million from $214 million in October 2007.
Advertising revenue was down 20.4 percent in October, the Sacramento-based company reported today, to $145 million from $181 million in October 2007.
Declines in print advertising drove the decline, falling 23.3 percent to $128 million in October. Online advertising revenue partially offset the decline, with a 12.4 percent gain in October to $16.4 million.
“The economic slowdown continues to hurt consumer confidence and as a result negatively impacts our advertising customers in the local markets we serve,” Pat Talamantes, McClatchy’s chief financial officer, said in a news release. “Online advertising continues to be a bright spot for the company, with online advertising up in all categories except employment advertising.”
For the first 10 months of the year, total revenue declined 15.5 percent for McClatchy, which publishes the Sacramento Bee and 29 other newspapers.
Wednesday, November 19, 2008
After the market closes, McClatchy releases revenue numbers -- October revenue falls 18 percent
Waiting until the markets had closed, McClatchy released its October revenue results, showing revenues down 18 percent: