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So What: The newspaper publisher reported earnings of $0.14 per share, down from $0.28 per share a year ago. Revenue was also down 6% to $327.7 million, as advertising revenue fell in each month of the quarter.
Now What: The newspaper business continues to struggle, and McClatchy has been no exception. Adjusted earnings of $0.12 per share actually beat analysts' estimate of $0.11, but that wasn’t enough to excite shares. This Fool never likes jumping on a sinking ship, and the newspaper business hasn’t shown any signs of turning around in recent years. I’m not buying this dip.
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Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
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