Yet another media company's earnings have been hit by the war.
warned that first-quarter earnings won't meet analysts' estimates, due to a drop in advertising amid the conflict in Iraq. The company also expects to see an increase in full-year revenue.
The firm, which publishes the
San Jose Mercury News
, is the latest in a string of media giants to warn about earnings. Recently,
The New York Times and
Gannett lowered their quarterly forecasts.
Knight Ridder said it will have a slight gain in earnings from last year's 60 cents a share, but analysts were expecting the company to earn 67 cents a share. The company forecast a 4% increase in revenue for the year. Analysts expect revenue of $2.92 billion, compared with 2002's total of $2.84 billion.
Shares of San Jose-based Knight Ridder closed at $60.36 on Tuesday.