When Media Matters helped organize the Stop Rush boycott pressuring corporations to pull advertisements from Rush Limbaugh’s show, the online file storage company Carbonite was one of the first big names to give in.
Now, as William Jacobson of the “Legal Insurrection” blog noted, Carbonite’s CEO David Friend conceded on a conference call that dropping Limbaugh deeply hurt the company’s earnings.
“It turned out to be a bigger hole in our revenue than we had thought when we initially did this,” Friend said on a conference call on August 1.
In fact, as Jacobson wrote, Carbonite’s 2nd Quarter 2012 results shocked analysts, causing the company’s stock price to plummet by 15% in one day.
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