The Washington Post Co. (NYSE:WPO) reported soaring second-quarter profits and an 11% jump in revenue on Friday, but the results still triggered an 8% slide in the media company’s stock.
The parent of its namesake paper and Kaplan said it earned $92.1 million, or $10 a share, compared with a profit of $12.5 million, or $1.30 a share, in the year-earlier period. The 2009 quarter included restructuring charges.
Revenue rose by 11% to $1.2 billion.
There weren’t any consensus analyst estimates from Thomson Reuters but it’s clear the markets weren’t impressed with the quarter. Shares of the Washington Post tumbled 7.5% to $377.77 Friday. Earlier in the session the stock slumped to $375 -- a new 52-week low.
The Washington Post Co., which announced the sale of Newsweek for $1 earlier this week, reported a 15% rise in revenue at its Kaplan education unit to $747.3 million. Operating income soared 88% to $109 million.
Cable television revenue rose 2% last quarter to $190.6 million. Newspaper revenue was also up 2% to $172.7 million, but print ad revenue at The Washington Post slid 6% to $75.2 million.