Third quarter profits may have been better than expected for McClatchy, but total advertising revenue was down 19 percent from last year.
Online revenue was up 9 percent, and net income in the third quarter was $4.2 million, or 5 cents a share.
"Our advertising revenues in the third quarter of 2008 continued to be hurt by the weak economy and, to a lesser extent, the secular shift in advertising to the internet,” said CEO Gary Pruitt.
And things aren’t getting better anytime soon. He says, thus far, ad revenue for October is tracking similar to September.
The company previously announced cuts in 10 percent of its workforce as well as an amended debt agreement to help offset revenue losses.
