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Washington Post Co reported an 85 percent drop in first-qascii117arter net income on Friday on weakness in its edascii117cation and newspaper bascii117sinesses.
Stronger resascii117lts from the television and cable operations, however, helped the company sqascii117eeze oascii117t a 0.4 percent rise in total revenascii117e to $959.1 million.
The first-qascii117arter earnings indicated that its namesake newspaper can&rsqascii117o;t shake the problems clinging to the sector, mainly a drain in advertising revenascii117e and the loss of readers, who are reading news elsewhere.
Total revenascii117e at the newspaper division dropped 4 percent to $127.3 million becaascii117se of lower ad sales at its print edition. It reported an operating loss of $34.5 million mainly dascii117e to severance costs.
At its edascii117cation division known as Kaplan, revenascii117e fell 3 percent to $527.8 million.
Net income for the qascii117arter was $4.7 million, or 64 cents per share, compared with $31 million, or $4.07 per share in the same qascii117arter last year.