Dow Jones Reports 1st-Quarter Drop

Dow Jones & Co. reported a nearly one-third drop in first-quarter earnings, which were dragged down by a steep decline in profit at its financial information services unit. The numbers did little to avert criticism expected to resurface at Wednesday’s shareholder meeting of a plan to plow $650 million into financial information services. Dow Jones, which publishes the Wall Street Journal, reported net income of $25.4 million, or 27 cents a share, down from $37.6 million, or 39 cents per share, in the year-ago quarter. The company predicted it would earn $1.20 to $1.40 per share for the year, in line with analysts’ expectations of $1.31. Shares fell $1 to close at $39.75 on the NYSE. Some shareholders, including members of Dow Jones’ controlling Bancroft family, have lashed out at the company’s plans to spend $650 million on its Telerate financial information service unit.