Dow Jones & Co, publisher of the Wall Street Journal, reported an 81 per cent drop in first-quarter profits before one-time items, reflecting the withering advertising market.
It also confirmed the layoffs announced last month will total 202 out of more than 8,000 employees worldwide, or roughly 2 per cent. The layoffs were part of expense reductions totalling $60 million.
Dow Jones reported earnings of $14.7 million, down from $79.2 million a year earlier. Revenues fell 17 per cent to $459.9 million from $550.8 million.
The company said that advertising volume had fallen to its lowest level in five years.
Dow Jones' print business saw revenues fall 24 per cent for the quarter, reflecting the weakness in advertising.
Revenues in its electronic publishing sector, which includes WSJ.com and Dow Jones Newswires, rose 3 per cent, excluding the company's Factiva joint venture with Reuters.
Dow Jones took a $10.7 million after-tax charge for the job cuts it announced last month, the shutdown of its work.com joint venture with ExciteAtHome, and other online write-downs.
Dow Jones shares closed at $50.12 on Wednesday, down $1.75, or 3.5 per cent. Dow Jones has fallen 35 per cent from its 52-week high during that time.
The S&P publishing index, which includes that stock, has lost only 2 per cent.