As many newspapers that were able to swing to profit in Q2 found, you can cost cut your way to black ink. McClatchy (NYSE: MNI) repeated that success in Q3, with net income of $23.6 million ($0.28 cents per share) versus last year’s $4.2 million ($0.05 cents per share). Adjusted earnings from continuing operations were $11.0 million ($0.13 cents per share). Revenues were down 23 percent to $347.4 million, while ad revs fell 28 percent. On the plus side, online ad revenues were up 3.1 percent. That matters more to McClatchy than it ever has—online advertising now makes up 17.6 percent of total ad revenues, up from 12.2 percent in the same quarter last year. That means whatever the direction of its print swings, online advertising will have more impact on McClatchy’s business.

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