The Washington Post Co., reported Friday a first-quarter net loss of $19.5 Friday as earnings came in below Wall street’s estimates.
The Washington Post reported in a statement, a net loss of $19.5 in the first quarter compared to a $39 million profit in the first quarter a year earlier.
The media giant, which owns television stations, Newsweek magazine, and the Slate.com online news and commentary website, is victim of declining ad revenues which most newspapers and magazine publishers in the U.S. are experiencing.
Revenue fell 1 percent to $1.05 billion from $1.06 billion, mainly due to falling ad sales in its newspaper, television and magazine divisions.
The market’s reaction to the earnings report was decisively negative. Washington Post shares fell more than $60, or -14%, in early afternoon trading Friday.
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