Magazine article Editor & Publisher

NYT Co. Reports 9% Drop in Q1 Ad Revenue

Magazine article Editor & Publisher

NYT Co. Reports 9% Drop in Q1 Ad Revenue

Article excerpt

The New York Times Co. reported today that total revenue for Q1 fell 4.9% to $747.9 million while advertising revenue plunged 9.2% to $458.3 million. The results compared Q1 to the same quarter last year.

In a statement released this morning, Janet Robinson, president and CEO of the company, said: "Advertising revenues decreased in the quarter as weaker economic conditions compounded the effects of secular change in our business. While this is a challenging time for the media industry, we are diligently managing our business for the long term."

The company reported that Q1 earnings per share (EPS) from continuing operations were $0.00. That includes a 7 cent write-down charge and 3 cent favorable tax adjustment. Excluding the charge and the adjustments, EPS was 4 cents.

Operating profit fell to $6.2 million for the quarter from $54.5 million from the same quarter last year.

The company's News Media Group total revenue decreased 5. …

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