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NYTimes Co. reports 26 percent drop in 4Q profit

NYTimes Co. reports 26 percent drop in 4Q profit

The New York Times Co. is reporting a 26 percent drop in fourth-quarter earnings as revenue from its printed newspapers continues to shrink. The period a year ago included a one-time pension-related gain.
The newspaper business is four years into an advertising slump. Online advertising, while growing, hasn't been enough to offset declines in print.
The Times Co.'s print advertising revenue dropped more than 7 percent from the fourth quarter of 2009. In the third quarter, print ad revenue fell nearly 6 percent from the year before. The same pattern has played out over the past two quarters at USA Today owner Gannett Co., the country's biggest newspaper publisher. Until now, publishers have been pointing to consistently smaller print declines as a sign of progress.
For the latest quarter, the Times Co. reported net income of $67.1 million, or 44 cents per share. That's down from $90.9 million, or 61 cents per share, a year earlier, when the company recorded a $32.4 million after-tax gain from freezing pension benefits.
Excluding one-time severance and accounting charges, the company's earnings per share rose to 46 cents from 44 cents. Analysts surveyed by FactSet, who typically exclude special items, expected 35 cents.
Revenue slipped 3 percent to $662 million, while analysts expected $666 million. It was $681 million a year ago.


Updated : 2021-10-17 12:07 GMT+08:00