New York Times 2Q Profit Drops 54 Percent


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.