Businessweek.com shined for McGraw-Hill during the third quarter when the company posted earnings that beat Wall Street estimates; the site, which the company says continues to grow rapidly, produced more than 13 percent of the BW’s total advertising revenue in the third quarter. As we wrote about yesterday, editor in chief Stephen Adler has ramped up original online content considerably.
During the conference call, CEO Terry McGraw added that the company was “pleased” with the site’s performance, according to the SeekingAlpha.com transcript of the call. He also mentioned that Ad Week’s hot list of sites had listed businessweek.com as one of the top 10 performers of 2006. The magazine also recently started a mobile edition.
— Though advertising pages in BW’s global print edition rose 7.6 percent, this couldn’t offset the impact of lower circulation, a reduction in advertising rates and the closure of editions in Europe and Asia.
— Revenue at McGraw-Hill’s B2B group, which includes the business magazine along with JD Power and Associates, rose 9.9 percent in the quarter to $221.3 million. Though those numbers are good, Wall Street probably was more impressed by the gains in its Standard & Poor’s business.
Overall, net income at the New York-based company was $382.3 million, or $1.06 per share, barely changed from $381.3 million, or $1, a year earlier. Revenue inched up 0.8 percent to $2 billion. The results beat Wall Street’s expectations for profit of $1 per share.
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