Shares of The McClatchy Co. dropped almost 6 percent in trading Wednesday, after the newspaper publisher announced another month of disappointing revenue.

    The Sacramento-based company � publisher of The Sacramento Bee, The Miami Herald and 28 other daily newspapers � reported $167.8 million in revenue last month, a 16.4 percent decline from the $200.7 million for the same quarter a year ago.

    Advertising revenue plummeted 19.3 percent to $136.8 million from a year ago. Classified advertising, especially for employment and real estate, tumbled 29.5 percent from a year ago, while national ad sales plunged 20.2 percent for the same year-over-year period.

    For the first seven months of the year, McClatchy�s revenue has declined 15 percent from a year ago. However, online advertising � considered the future of newspaper companies � increased 11.7 percent.

    �As we anticipated, July advertising activity turned out to be only slightly better than June,� McClatchy chief financial officer Pat Talamantes said in a news release. �Online advertising continues to be a bright spot for the company, with online advertising up in all categories except employment advertising.�

    Shares of McClatchy (NYSE: MNI) dropped 23 cents to $3.78, only five cents above its 52-week low. The stock had dropped to $3.53 during the day, but rebounded in the final hours.

    The company, like many newspaper companies, has been dealing with declining advertising revenue and fewer subscribers, forcing belt-tightening efforts, including across-the-board 10 percent cuts to positions and a wage freeze effective starting next month.