Dow Jones Profit Might Miss Estimates
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Dow Jones & Co., publisher of the Wall Street Journal, said third-quarter earnings might miss analysts’ estimates because of declining advertising sales after last week’s terrorist attacks.
The company, whose corporate offices were damaged in fallout from the World Trade Center attack, said it hopes to make the low end of its previous estimate of 20 cents to 30 cents a share. Analysts on average were expecting 29 cents.
The company declined to provide a more specific third-quarter earnings forecast or an estimate for the fourth quarter at this time.
The Wall Street Journal and other newspapers already had been losing advertising for months.
Ad linage for the Wall Street Journal is down 35% so far this quarter, Dow Jones said.
Dow Jones shares fell $3.75 to close at $49 on the New York Stock Exchange.
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