Dow Jones, the publisher of the Wall Street Journal, has said the ongoing advertising slump will mean job cuts and falling revenues in the final three months of the year.
"
I'd say there will be some reduction in work force in most parts of the company
"
Peter Kann, Dow Jones chairman
The financial news specialist posted an 84% slump in earnings for the three months to 30 September and said it expected profits for the next three months to be about half what analysts had previously expected.
Chief operating officer Rich Zannino said the company would now "aggressively reduce costs to bring them in line as much as possible with revenue".
The group said most parts of the company would see a reduction in staff numbers.
More gloom ahead
The bad news sent shares in Dow Jones down by more than 5% to $31.20.
In the three months to 30 September, advertising revenue from the Wall Street Journal fell 12%, and 14.5% in the international editions.
Dow Jones said the declining print revenues reflected the "extraordinarily difficult global advertising environment", and predicted the hard times would continue.
In the current three-month period to 30 December, the company said it expected earnings of $0.15 to $0.20 per share, as against $0.34 in the same period a year ago.
Analysts had been hoping for revenues of around $0.33 per share.
Chairman and chief executive Peter Kann said: "I'd say there will be some reduction in work force in most parts of the company."
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