March Network's revenue shrank by 14% in Q2 2009 compared to a year ago (though their announcement obscures this with a focus on improved profitability through cost cutting).
Specifically, the North American market led the drop with a severe contraction of 27% (examine their presentation deck for details). Retail was the major driver of reduced revenue. Wal-Mart was significant but if read the document correctly probably only half of the drop can be attributed to Wal-Mart's reducing purchasing.
By contrast, in Q1 2009, March grew revenue 2% relative to Q1 2008.
[Note: I use 'normal' calendar quarters to make it easier for readers to understand. However, March's fiscal calendar is 3 quarters ahead of the normal calendar]
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