The publisher of the Miami Herald and Sacramento Bee, McClatchy, reported its Q3 earnings today and the report is not pretty. McClatcy said it was still profitable, earning $9.4 million in the quarter, but that was 21 percent down from the prior years performance.
The culprit continues to be declining revenue which fell 8 percent in Q3 to $300 million, from $328 million in the same quarter last year, according to the Associated Press report. Even digital revenue fell in the quarter, though this was attributed to the print-digital bundled advertising. McClatchy says its stand alone digital revenue rose 9 percent.
McClatchy, along with Gannett, has been a picture of doom and gloomy pretty much every time earnings are reported, but shares of McClatchy's stock are actually up 9 cents today to $1.64 per share. But then again the market is booming today – up over 200 points – due to news from Europe of another bailout for Greece and the news that the administration has said it will be sending all troops from Iraq home in time for the holidays.
Update: I edited out some snarkiness that was placed at the beginning of this post – just to be nice on a Friday afternoon.