Ad Sales Push Washington Post to Q1 Loss; Stock Down 14%

Authored by Mark Hefflinger on May 1, 2009 - 8:02am.

Washington - Shares of The Washington Post sunk more than 15% in Friday's early trading after the company reported a net loss of $19.5 million in the first quarter, due in part to a 33% drop in ad sales at the company's namesake newspaper.

The company's share price was down 14% in mid-day trading.

The company, which also owns such businesses as Newsweek magazine, online magazine Slate and education firm Kaplan, had posted a profit of more than $39 million the previous year.

Revenue fell 1% during the period, as declines at the company's newspaper publishing, television broadcasting and magazine publishing divisions offset gains at its education and cable divisions.

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