(AP) Newspaper publisher Washington Post Co. on Friday posted a 7% decline in second-quarter profit as higher costs and less political advertising depressed results in its newspaper and television divisions.
Net income dropped 7% to $78.8 million, or $8.16 per share, in the three months ended July 3 from $84.9 million, or $8.82 per share, the previous year. That compares with the average estimate of $9.65 per share from analysts surveyed by Thomson Financial.
Revenue totaled $897.6 million, up 10% from $818.4 million a year earlier and just missing analysts’ consensus target of $899.8 million.
By division, newspaper revenue inched up 1% to $236.3 million while magazine revenue advanced 8% to $97.9 million. Revenue from TV broadcasting was down 2% to $88.4, mostly from the absence of political ads.
Meanwhile, its cable-television service generated quarterly revenue of $129.1 million, a gain of 2% from last year. Its education segment, which operates the Kaplan test-preparation service, saw revenue surge 25% to $345.8 million.