Earnings: WaPo Profits Plummet 85.8 Percent
This story was written by David Kaplan.
Newspaper publishers have been suffering for a while, but the Washington Post (NYSE: WPO) Company's Q3 earnings contained even more pain year-over-year as net income fell 85.8 percent to $10.3 million ($1.08 per share) from Q307's $72.5 million ($7.60 per share). The newspaper company also said operating income declined 63.5 percent in the quarter to $40.3 million from $110.5 million from last year on a $59.7 million goodwill impairment charge and $12.5 million in accelerated depreciation at The Washington Post.
Following a similar pattern of the past several quarters, WaPo's revenues were up 10 percent to $1,128.7 billion compared to $1,022.5 billion last year. But growth has limited to the education and cable television divisions, as well as a small increase at the television broadcasting division, as the newspaper and mag units saw continued declines. More to come
By David Kaplan