What a lousy quarter for Google. Ad revenues grew at a miserable 27% over last year to a measly $8.58 BILLION.
So next week,when Gary Pruitt the $4 million man announces how well MNI is doing in online revenue growth remember where the bar is set.
27% revenue growth for Google. -7.856% for McClatchy. The buyout offer should be coming soon. Nice job Gary of leading your greatly reduced organization to even lower lows. Adding to my short position this morning, enough is enough. New price target $2.20 within 60 days.
Better be careful. You may be correct on MNIs past Q numbers, but as you know (or should know), the market will react on guidance on future and not on the past. If there is a less-bad outlook...well, you know what can happen to your short position. The analysts are privvy to the numbers as well and I haven't seen signs of any significant selloffs as we approach earnings call.
Btw, why don't you just change your handle to Google_advertiser or Pruitt_troll? It would better reflect your real intentions.
I'mback, not interested in a name change but thanks for thinking of me.
I have no fear that Pruitt is going to say anything about a turnaround in ad revs, because quite frankly, he's not capable of pulling that off. He's gutted the entire ad division to less than half the people they had on the street three years ago.
Google just hired 2,000 more employees last quarter, while MNI let another 175 people walk. Even if the economy for print does get better, this company is poorly positioned to capitalize on an improving environment.
What aggressive, hard working hard charger would want to work for a company that makes strategic blunders, overpays for acquisitions at the top of the market, fires 35% of their loyal staff to pay for those blunders, and forces the other 65% of the remaining people to work for less, give up their pensions, get forced unpaid days off, and other HR disasters? While at the same time paying the CEO $4 million a year for doing nothing positive for the company or the stock price.
So you see, I'mback this company will forever pay for Pruitt's mistake of paying top dollar for Knight Ridder at exactly the wrong time. Sold more short today and have no fear, none whatsoever, about getting cauught in a short squeeze.