McClatchy releases October revenue report

The McClatchy Company released its October revenue report in a press release today.
Not surprisingly, the numbers painted a fairly dire picture, due in part to the continuing effects of the financial crisis and slowing economy.
Consolidated revenue was down 17.8 percent year-over-year, and overall ad revenue fell 20.4 percent.

Pat Talamantes, McClatchy's chief financial officer, said, "October advertising activity turned out to be similar to recent months. The economic slowdown continues to hurt consumer confidence and as a result negatively impacts our advertising customers in the local markets we serve. Online advertising continues to be a bright spot for the company, with online advertising up in all categories except employment advertising.

That turned out to be one of the bright spots for the company. Online ad revenue increased 12.4 percent year-over-year.
Non-employment advertising rose 57.6 percent, reflecting both the importance of employment advertising to the company' overall ad revenue and the number of companies tightening their workforce across the country.

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