UPDATE: E.W. Scripps Q2 Profit Drops 41%

The E.W. Scripps Co SSP reported a 41% drop in its second-quarter earnings. E.W. Scripps posted a quarterly profit of $3.2 million, or $0.05 per share, versus a year-ago profit of $5.4 million, or $0.09 per share. Its revenue dropped 4.2% to $207.9 million. However, analysts were expecting earnings of $0.07 per share on revenue of $211 million. Its operating expenses fell 1.4% in the quarter. E.W. Scripps shares closed at $16.69 on Friday.