The Washington Post Co. reported a second-quarter loss due to costs incurred cutting jobs at its publications, Bloomberg reported Friday.

The company racked up US$52.9 million in expenses for job cuts, and its net loss totalled $2.7 million, or 31 cents a share. This is compared to a profit of $68.8 million, or $7.19 per share, the same time last year, according to a company statement Friday.

Not including job elimination expenses, the company saw earnings of $5.27 a share, trailing Lehman Brothers' estimate of $6.90. Sales were up 5.7 percent to $1.11 billion.

This year, the Washington Post offered voluntary buyouts to its employees at the newspaper, as well as to those in corporate and at Newsweek magazine, in order to help counter the drop in print advertising revenues. The company has switched its focus on overseas expansion at Kaplan, which compensated for a 22 percent decline in print ad sales at its newspapers and a 21 percent decline at Newsweek magazine in the second quarter, according to Bloomberg.

The company follows other players, including The New York Times Co., Gannett Co. and McClatchy Co., reporting worsening ad losses in 2Q.

The Kaplan education division brought in more than half of the company's second-quarter sales. Revenue at the unit gained 14 percent to $576.5 million, due to acquisitions and increased demand for higher-education services, especially online course offerings, Bloomberg reported.

However, newspaper revenue was down 13 percent to $197.3 million on falling ad sales. Its operating loss totalled $96.7 million on the revenue drop, buyout costs and higher expenses.

Online revenue, mostly contributed by Washingtonpost.com, increased 4 percent, Bloomberg reported.

Along with 117 Newsweek employees and 231 Post employees, Chief Financial Officer John Morse Jr., will also step down at the end of the year. The position will be succeeded by Kaplan unit executive Hal Jones.