The Washington Post Co. reported a second-quarter operating profit that fell more than 50% from a year ago.
Despite the news, the stock jumped more than 6% in trading on Friday as the company earned $5.92 per share up from a consensus of $5.87 per share.
While the stock price is still well below the 52-week high of $455.68, it should end the week above $390 after closing below $370 on Thursday afternoon. (That said, it was north of 400 when the week began.)
The decreased revenue was expected as new regulations on for-profit education affected the WaPo Co.’s massive Kaplan business.
The company gets as much as 60% of its revenue from the education business but operating income for that division dropped 64% in the second quarter. Revenue fell 15%.
The newspaper division lost $2.9 million while online advertising fell to $23.4 million, more than $3 million less than the second quarter of 2010.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.