Axel Springer First-Quarter Profit Falls on Digital Investments
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Axel Springer AG, Europe’s biggest newspaper publisher, said first-quarter profit before some items fell 3 percent as the company invested more in digital products and print revenue continued to decline.
Earnings before interest, taxes, depreciation and amortization excluding some items declined to 132.4 million euros ($173 million), the Berlin-based company said in a statement today. Revenue rose 1.8 percent to 803.6 million, compared with analysts’ average estimate of 811 million euros, led by gains from Web-based products outside of Germany.