Initial reaction: ad revenue is still hemorrhaging. Third quarter total ad revenue for the company was $266.1 million, compared to $370.1 million a year ago. That is a staggering drop of 28.1%. Total revenue fell 23.1 percent to $347 million.
The company managed to turn a profit, thanks to cost-cutting and a tax adjustment.
I'm taking a closer look at the numbers; I'll be posting more today.
Update: a reader offers perspective:
The key thing to remember: Ad revenues were down 28 percent COMPARED TO 2008 - which was just plain awful. You can't spin that disaster with anything positive, although Pruitt did allude to a slight bump in online ad revenue, which is a pimple on an elephant in the ad revenue mix. More job cuts have to be in the company's plan before the end of the year.