Ad revenue up for McClatchy
Posted by Leah McBride Mensching on December 8, 2009 at 4:18 PM
McClatchy
Co. has been watching advertising revenue trends rise since the third
quarter, and expects the trend to continue through the end of this
year, the Wall Street Journal reported today.
The U.S. newspaper publisher also expects "cash expenses to be down in the high-20 percent range in the fourth quarter as we continue our focus on permanently reducing our costs, said Chairman and CEO Gary Pruitt.
The U.S. newspaper publisher also expects "cash expenses to be down in the high-20 percent range in the fourth quarter as we continue our focus on permanently reducing our costs, said Chairman and CEO Gary Pruitt.
The
company's shares rose today after reports of an uptick in ad revenue
trends, with the publisher predicting declines in ad revenue between
the low and mid 20 percent range in the fourth quarter. This is
compared to a 28.1 percent decline last quarter, and a 30.2 percent
decline in the second quarter of this year, The Associated Press
reported in an article posted by ABC News.
McClatchy is also seeing success in its digital business, making Pruitt "confident and optimistic about the future," the Sacramento Business Journal reported. Digital revenue has grown in the double digits over the past few months, up 12.1 percent, and up 15.6 percent in November, he said.
McClatchy is also seeing success in its digital business, making Pruitt "confident and optimistic about the future," the Sacramento Business Journal reported. Digital revenue has grown in the double digits over the past few months, up 12.1 percent, and up 15.6 percent in November, he said.
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