The Washington Post Company (WPO) turned in a sorry quarter (net income down 39%), but not a surprising one. Net income for its newspaper unit plunged 92%, and print advertising at the Washington Post declined 11% due to a “sharp” drop in classified ads.
The most discouraging part for the paper and the rest of the industry: Once classifieds — formerly the newspaper industry’s goldmine — leave the print edition, the Post doesn’t get them when they move online.
Online revenue at washingtonpost.com rose a mere 8% in the quarter (underperforming the NYT, whose online ad revs grew 11.9%). But that was almost all due to online display ads, which were up 17%. Online classifieds were nearly a flatline at 2%. Meaning Craigslist isn’t just killing the print edition of the Post, it’s killing the online version, too.