Thursday, April 21, 2011

NY Times' Earnings A'Changin' for the Worst

NYC: New York Times BuildingImage by wallyg via FlickrThe New York Times Co.'s 2011 First Quarter figures plunged 58 percent compared to a year ago, attributable largely to shrinking print advertising revenues.

The publisher of the flagship New York Times and 17 dailies nationwide also pointed to a 12.7 percent boost in the cost of newsprint and a 3.7 percent drop in circulation revenue as factors in the disappointing numbers. The Times earned $5.4 million, or 4 cents a share during 1Q 2011, down from 8 cents a share on earnings of $12.8 million a year ago.

Like two ships passing in the night, digital advertising revenue soared 4.5 percent while print ad revenue sank 7.5 percent.

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