- McClatchy (NYSE:MNI) is off 2.1% after posting Q2 earnings where revenues slipped 7% amid a continuing drop in traditional print ads.
- A net loss of $37.4M included impairments of $28.8M tied to the carrying value of interest in CareerBuilder and other investments; it posted an adjusted net loss of $6.1M, amounting to $0.80/share, missing expectations for a loss of $0.60/share (one estimate).
- Declines in advertising slowed but continued due to ongoing softness in traditional print advertising.
- Digital-only ad revenues grew 10%; total digital ad revenues (where the company includes digital bundled as a print advertising upsell) fell 0.9%.
- Revenue breakout: Advertising, $125.2M (down 11.1%); Audience, $89.92M (down 0.6%); other, $9.97M (down 8.2%).
- Average total unique visitors to online products were 66M (up 14.6%), and local unique visitors were 16.3M (up 10.7%). Mobile users made up 60.2% of average total unique visitors, vs. a year-ago 52.9%.
- Conference call to come at noon ET.
- Press Release
- Now read: Pernix sees drop in revenues for Q2; shares slip 5% after hours
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