The New York Times reported worse-than-expected results on Thursday as advertisers cut spending on both print and digital outlets, sending shares down 12 percent. The newspaper company said that revenue was up almost 1 percent to $449 million. Still, the result missed the analysts' consensus estimate of $479.23 million, according to Thomson Reuters I/B/E/S.
Adjusting for severance costs and other special items, the company reported a quarterly loss of 1 cent per share, well below expectations of earnings of 8 cents per share. The slight uptick in revenue was due to a 7.4 percent rise in circulation revenue helped by the company's digital subscription plans.
But as the company tries to rely more on circulation for its revenue, advertising sales are in a persistent slump. "It wasn't a nice quarter on revenue," said Edward Atorino, an analyst with Benchmark Co. "The advertising numbers look terrible. I thought they might do a little better. They are caught up in the downslide like everybody else." Read more >>
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