Revenue for the education and newspaper publishing divisions declines
In another bad sign for the newspaper industry, one of its flagship papers — the Washington Post — continues to flounder economically.
Both profits and revenue have now fallen at the Washington Post Company for three straight quarters, as the newspaper's parent company announced its most recent earnings report on Friday.
Q2 Profits came in at $45.6 million, down 50 percent from the same frame last year. Profits were down 65.9 percent in Q1.
Revenue fell to $1.07 billion, 10 percent lower than the $1.2 billion from Q2 last year.
The worst news came in the company's education division, where revenue declined 15 percent to $628.7 million. That includes an 82 percent drop for Kaplan Inc, which provides education programs at various levels.
The newspaper publishing division fared slightly better, but revenues were still down 6 percent to $172.7 million. Print ad revenue, online display advertising, online classified advertising and online publishing revenues all dropped, as did the paper's circulation (to 531,400).
Both cable television and television broadcasting were divisions that saw revenue increases.