Graham Holdings Company reported a revenue increase of 7% to $1,185.3 million compared to the second quarter of 2023. However, the company experienced a decrease in operating income to $25.9 million, down from $58.1 million in the same period last year, primarily due to impairment charges and declines in television broadcasting and manufacturing. The company reported a net loss attributable to common shares of $21.0 million ($4.79 per share) for the second quarter of 2024, compared to income of $122.8 million ($25.89 per share) for the second quarter of 2023.
Revenue increased by 7% to $1,185.3 million, driven by growth in education, healthcare, and automotive sectors.
Operating income decreased to $25.9 million due to goodwill and intangible asset impairment charges, as well as declines in television broadcasting and manufacturing.
The company reported a net loss attributable to common shares of $21.0 million ($4.79 per share).
Adjusted operating cash flow (non-GAAP) was $98.5 million, a slight decrease from $100.0 million in the second quarter of 2023.
No specific forward guidance was provided in the release.
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