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Torstar Corp. lost $24.4 million, or 30 cents per share, and cut 110 jobs in the first quarter of 2017, as the company’s core traditional revenue streams continued to plummet in line with broad media industry trends.

Digital revenues, where the newspaper company has vested much of its hope for future growth, also took a slight dip.

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Shares of the company fell as much as 22.3 per cent to $1.29 in morning trading, before paring some of the losses. It was down 8.4 per cent at midday.

The loss, which covers the three months ended March 31, is an improvement over the same period last year when Torstar fell $53.5 million short.

Revenue at the publisher, which owns the Toronto Star, the Hamilton Spectator and Metro commuter papers among others, fell $18.1 million or 10 per cent year-over-year to $156.7 million in the quarter.

That decline was impacted in particular by print advertising revenue, which fell 19 per cent, and subscriber revenue, which fell 9.5 per cent.