Newspaper publisher McClatchy Co reported lower-than-expected quarterly revenue on a 11 percent decline in advertising sales, Reuters reports. Shares of the publisher of the Miami Herald and other U.S. newspapers fell more than 8 percent in morning trading.
"It was a very difficult quarter, much worse than expected," said Benchmark Co analyst Edward Atorino. "The revenue decline was so large in the first quarter -- much more than competition -- they are seeing some very weak revenue trends."
The New York Times Co last week reported a 7.5 percent fall in print advertising revenue while USA Today publisher Gannett Co Inc reported a 6.2 percent decline in publishing revenue as advertisers shunned print spending.
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