November was no month for thanksgiving at The McClatchy Co., with The Miami Herald parent reporting Monday that total revenue for the month dropped 19.4% compared to a year ago on advertising revenue that plunged 22.4%.
Ad results were ugly across the board. McClatchy said its retail ad revenue fell 17.6%, national was down 33.2%, direct marketing was off 16.8%, and its "other" category was declined 23.5%.
By far the worst performance, however, was again in classified advertising.
Overall classified fell 41.1% on huge declines in the big three categories of automotive (down 42.9%); real estate (down 45.8%); and employment (down 58.6%).
The one bright spot was online ad revenue, which recorded a 7.5% gain over November 2007. For the first 11 months of 2008, online ad revenue is up 10.6%.
"November advertising revenues were lower than October, but in line with recent ad trends," McClatchy CFO Pat Talamantes said in a statement. "The economic downturn continues to hurt consumer confidence and as a result negatively impacts advertisers in the local markets we serve."
Chart here. The revenue collapse is accelerating unbelievably fast -- October revenues at McClatchy were down 17.8 percent over the previous year, so the November numbers are really bad.
BONUS OBSERVATION: Howard Weaver's psychic prediction last June about advertising revenue hasn't exactly panned out.