McClatchy Company (MNI) Reports Q1 Revenue Miss

McClatchy Company (NYSE: MNI) reported Q1 EPS of ($5.04), versus ($2.12) reported last year. Revenue for the quarter came in at $198.86 million versus the consensus estimate of $207.65 million.

"The quarter just ended reflects a significant crossover point in the trajectory of our digital transformation," said Craig Forman, president and CEO of McClatchy. "Despite strong industry headwinds, we are making progress in our strategy to drive digital growth." The company reported a 33 percent increase in digital subscriptions and growth of 13 percent in average monthly unique visitors to its news sites in the first quarter compared to the same quarter last year.

Another digital milestone was a collaboration with Google for a new subscription platform, Subscribe with Google. "As an early development partner and the sole local news publisher who collaborated with Google in the early design stages, we\'re excited to see the impact of this experiment on the growth of our digital subscriptions starting in the current quarter," said Forman. "This initiative by Google reflects a growing sentiment that is gaining wider recognition -- local journalism plays a vital role in the lives of individuals, in our communities and strengthens our democracy."

For earnings history and earnings-related data on McClatchy Company (MNI) click here.

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