Washington Post reports lower 3Q net income
NEWS: The Washington Post Co. posted lower net income in the July-September quarter, though revenue inched higher. The company closed the sale of most of its newspaper business to Amazon CEO Jeff Bezos on Oct. 1.
DETAILS: Revenue at the Post Co.'s education division slid 1 percent to $546.5 million. Cable television revenue grew 1 percent to $202.4 million and TV broadcasting revenue fell 18 percent to $87.1 million.
The latest quarter's results include losses from the newspaper business the company sold, which it classified as "discontinued operations," totaling $25.9 million. In the same quarter last year, the Post Co. had income from discontinued operations of $37.5 million.
NUMBERS: The Post Co. earned $30.1 million, or $4.05 per share, down 68 percent from $93.8 million, or $12.64 per share, in the same period a year earlier.
Revenue rose 3 percent to $902.5 million from $877.6 million.
STOCK: Shares of the Washington-based company fell $5.50, or 1 percent, to $637.82 in Friday's afternoon trading.