New York Times Co. says its second-quarter earnings fell 82 percent from the year-ago quarter boosted by a one-time gain. Meanwhile, print advertising revenue continued to shrink.
The New York-based newspaper publisher says its quarterly net income dropped to $21.1 million, or 15 cents per share, which included 11 cents per share in buyout costs.
Analysts polled by Thomson Financial expected income of 22 cents per share in the latest quarter. Analyst estimates typically exclude special items.
Revenue dropped 6 percent to $741.9 million, missing the average Wall Street estimate for $754 million. Ad revenue slipped down 11 percent, hurt mostly by fewer classified ads.
Seriously, can "progressives" run any business or government successfully? Ole Pinch is probably thinking of using the Number 1 "progressive" management tool.... just increase taxes to increase revenue".
I just about fell out of my chair laughing when I read this piece about how the NY Times expects to shore up it business's profits.
The New York Times [NYT] Co. will increase the Monday-Saturday newsstand cost of its flagship paper by 25 cents to $1.50, the publisher said today.
Times Chief Executive Janet Robinson said the price increase for the New York Times will take effect Aug. 18. The company has already raised home delivery prices for the paper 4.5 percent in two separate hikes since last July. That helped overall circulation revenue rise 2.5 percent in the latest quarter.
So demand for your product is declining and the best way of managing that is to increase the price?
This is a joke? right?