McClatchy Bleeds $2 Million

It’s deja vu all over again: for the first quarter of 2011, McClatchy Co. (MNI) posted a $2 million loss, just the same as the first quarter of 2010.

Revenues this quarter were $303.7 million, down 9.5 percent from Q1 2010. Digital advertising revenues were up just 2.2 percent to $45 million.

The company, which publishes The Miami Herald, the Sacramento Bee, the Kansas City Star, and many more newspapers, didn’t provide too much guidance for what it expects to happen in the second quarter of 2011, but in April alone, ad revenues were down another 9 percent. Doesn’t look good.

More: McClatchy Reports Smaller Q4 Profit

Publish date: April 26, 2011 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT