Media

Jun 12, 2012

Fairfax revenue down … tweeting the news … Facebook slows …

The torrent of bad news coming out of Fairfax HQ continued this morning, with job-slashing CEO Greg Hywood announcing downgraded revenue expectations for the rest of the year. Plus other media news.

More Fairfax bad news: revenue downgrade. The torrent of bad news coming out of Fairfax HQ continued this morning, with job-slashing CEO Greg Hywood announcing downgraded revenue expectations for the rest of the year. In a statement to the Australian Stock Exchange, Hywood said he expects revenue for the second half of the year to drop by 8%. That would leave total Fairfax revenue at $500 million before interest, tax and depreciation — a $107 million revenue drop since the same period last year. The company’s share price fell to 59 cents this morning, just above the record low of 56.5 cents earlier this month.

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