Chalk up another quarter of weak advertising sales.
New York Times Co. (NYT) missed second-quarter profit estimates as advertising sales declined for the 14th time in 15 quarters.
Ad revenue dropped 4.1 percent to $156.3 million, the New York-based company said today in a statement. Earnings, excluding some items, were 7 cents a share, compared with the 8 cents projected by analysts, according to the average of estimates compiled by Bloomberg. The shares fell the most in 21 months.
Jill Abramson, the first female executive editor of the Times, was fired in May as the publication — along with most news organizations — struggles to find footing in digital media, where ad rates are far cheaper than in print. In the first quarter, Times Co. reported its first rise in ad sales in more than three years — an increase that Chief Executive Officer Mark Thompson said may not continue.
Times Co. expects third-quarter ad sales to decrease in the “mid-single digits” percentage, with circulation sales remaining unchanged, according to today’s statement.
Sooner or later they’re gonna run out of Carlos Slim’s money.