AP Profits Plunge 65 Percent

News service reports rough financial year

The Associated Press said on Thursday that net income fell 65 percent last year to $8.8 million, down from $25.1 million in 2008, as the news service continues to face competition online.

According to a statement, the AP said it would’ve posted a net loss were it not for the $13.2 million sale of a German-language news service.

Overall, revenue fell 10 percent $676.1 million, down from $747.7 million in 2008,

The non-profit news co-op said it expects the slide to continue through 2010. As the Victoria Advocate points out, that would be the first time since the 1930s the AP’s revenue posted consecutive down years.