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Corus reports Q1 profit drop in the face of falling revenue

Corus Entertainment Inc. reported a significant drop in its first-quarter profit, with net income falling to $30.8 million from $59.3 million the previous year, largely due to a decline in both television and radio advertising revenues. The company's revenue decreased by 13% to $338.8 million from $388.8 million, reflecting challenges in the advertising market. Despite the downturn, Corus managed to reduce its expenses by 10%, which helped mitigate some of the impact on its bottom line. CEO Doug Murphy highlighted the company's focus on cost management and strategic investments in content and digital platforms to navigate the tough economic conditions. The report also noted a slight increase in subscriber revenue, but this was not enough to offset the broader revenue decline.

Read the Full MSN Article at:
[ https://www.msn.com/en-ca/money/economy/corus-reports-q1-profit-drop-in-the-face-of-falling-revenue/ar-BB1rexXy ]