Tuesday, July 21, 2009

McClatchy newspapers surprises with Q2 profit after cost cutting

McClatchy Co.'s second-quarter profit more than doubled as a cost-costing spree that wiped out one-third of the newspaper publisher's staff offset the loss of more advertisers and subscribers. The performance, announced Tuesday, sent McClatchy shares soaring 40 percent. Analysts had been expecting the publisher of The Miami Herald and 29 other daily newspapers to lose money for the third consecutive quarter.

Instead the Sacramento-based company earned $42.2 million, or 50 cents per share for the three months ended June 28. That compared with income of $19.7 million, or 24 cents per share, in the second quarter of last year.

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