DallasNews Corporation reported a net loss of $3.9 million, or $(0.73) per share, for the third quarter of 2024, widening from a net loss of $1.4 million, or $(0.26) per share, in the prior year's third quarter. The operating loss for the quarter was $4.1 million, compared to an operating loss of $1.6 million in the third quarter of 2023. This net loss included a severance expense of $3.0 million related to anticipated headcount reductions.
Total revenue for the third quarter of 2024 was $31.1 million, representing a decrease of $3.4 million, or 9.7 percent, compared to the third quarter of 2023. Advertising and marketing services revenue declined by $2.7 million, or 18.5 percent, primarily due to a $3.1 million decrease in print advertising revenue from the Company exiting its shared mail program and discontinuing print-only niche publications.
Despite the revenue decline, the Company's adjusted operating loss, a non-GAAP measure, improved by $0.2 million, or 18.5 percent, to $0.7 million. This improvement reflects $3.5 million in expense savings, partially offset by the overall revenue decrease. DallasNews also modified its digital subscription strategy to a volume-centric approach, which successfully ended a 14-month volume decline and exceeded initial expectations for growth.
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