New York Times 2Q Profit Drops 54 Percent

NEW YORK (AP) -

The New York Times Co. on Tuesday reported earnings that declined by 54 percent in its second quarter, and missed analysts’ expectations.

The New York-based company said net income declined to $9.2 million, or 6 cents per share, from $20.1 million, or 13 cents per share, in the same quarter a year earlier.

Earnings, adjusted for non-recurring costs, came to 7 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 8 cents.

The newspaper publisher said revenue decreased less than 1 percent – to $388.7 million from $391 million – from the same quarter a year earlier, and topped Wall Street forecasts. Analysts had expected $388.6 million, according to Zacks.

As of the close of trading Monday, New York Times Co. shares had fallen $1.85, or 12 percent, to $14.02 since the beginning of the year. However, the stock had increased $2.19, or 19 percent, in the last 12 months.

On Tuesday, the stock fell $1.13, or 8.1 percent, to $12.89.