New York—Dow Jones & Co. reported Thursday that its revenue increased 2.6% to $412.1 million in the first quarter, compared with the year-earlier period.
Excluding special items, the company earned 11 cents per diluted share compared with 22 cents a year earlier. The company said expenses rose 7.4% and operating income declined 49.7% to $17.0 million.
Excluding recent acquisitions, such as MarketWatch and Alternative Investor, and special items, revenue declined 3.4% in the first quarter, expenses were flat and operating income declined 48.0%. The declines in revenue and operating income were mainly due to advertising declines in Dow Jones’ print publishing segment, as the U.S. edition of The Wall Street Journal saw its ad linage decline 8%.
"We continue to battle a persistently difficult b-to-b print advertising climate, particularly in the technology category. However, heading into the second quarter, we are cautiously optimistic that advertising trends will improve," Peter R. Kann, Dow Jones chairman-CEO, said in a statement.