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What: Shares of advertising specialist Harte-Hanks (NYSE:HHS) were getting blocked by investors today, falling as much as 14%, after reporting earnings this morning.

So what: Harte-Hanks, which performs email and direct marketing for business, saw earnings and revenue fall significantly from a year ago, as EPS dropped from $0.19 cents to $0.14 cents, and revenue slid 8% to $195.8 million. Both figures missed estimates. Management blamed part of the shortfall on restructuring its Direct Marketing business, a segment that also took a hit from JCPenney redirecting its marketing strategy from direct mail to on-air. Its Shoppers segment continued to suffer, with a 10% drop in sales, following a goodwill impairment charge of $165 million earlier in the year on the acquisition.

Now what: With back-to-back earnings disappointments, investors may be starting to wonder when sales will start to grow, but analysts are predicting another year of shrinking sales. The company announced a share buyback as a bone to shareholders, but there seems to be little reason to invest until things get back on track in the form of top and bottom line growth.

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Jeremy Bowman has no positions in the stocks mentioned above. The Motley Fool has no positions in the stocks mentioned above. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.