In case you haven’t yet seen it, here’s some more free publicity for the Economist – the publication’s new advert asking us to let our minds wander (or legs, perhaps, to the newsagent.)
In June FoliMag reported that the Economist’s profits were up 26 per cent for the last fiscal year.
“The London-based company, which publishes its namesake magazine, reported approximately $92 million in operating profit, up 26 percent over the previous 12-month period. Revenue was up 17 percent to roughly $514.2 million.”
“The Economist’s worldwide circulation grew 6.4 percent during the period to 1,390,780, the company said. Ad revenue at Economist.com was up 29 percent while page views were up 53 percent.”
“Chris Stibbs, the Economist Group’s finance director, said that advertising across the company first turned negative in the final quarter of its financial year, between January and March 2009, and has continued to show a year-on-year decline since then.”
It attributed the profit-rise to recent job cuts:
“[T]he group has remained profitable thanks to a cost-cutting programme that has seen around 130 jobs cut – roughly one in 10 of the company’s global workforce – and leaving it with a staff of 1,100.”
NB: The Economist calls itself a newspaper, not a magazine: see the website for a lengthy description of its history.
Tags: Chris Stibbs, director finance, Economist, finance, London, overall advertising, the Economist, the Economist Group, The Guardian, USD