Scripps Stock Tanks

Scripps reported their second quarter earnings and to no surprise it was another miss.

Scripps revenue missed analyst estimates by 2.0%. Earnings per share (EPS) also missed analyst estimates by 100%.

The earnings report was accompanied by another world salad from CEO Adam Symson on how OTA, third tier sports, and Tablo will save the company.

The impact of mass layoffs hasn’t help revenue and it certainly hasn’t helped the morale of those still employed by Scripps. FTVLive continues talking with Scripps employees and the sentiment seems to be that those who weren’t laid off are all looking for new jobs, breaking contracts, or counting days until they are free to move on.  

“The message the lay offs sent to the remaining employees was — we don’t give a damn about you.  Everyone realizes they can be next to catch the blade in the name of “efficiency” which we all know is a smoke screen for cost cutting — so when an opportunity arises, people are not hesitating to move on,” an insider told FTVLive, adding, “They are bringing in inexperienced reporters and losing the ones with experience who actually know the markets where they work.  This year was supposed to improve employee morale.  It’s only gotten worse.”

Right now, you basically would need to sell three shares of Scripps stock to buy a Big Mac at McDonalds.

Ouch!