New York Post by Keith J Kelly July 28, 2016
The New York Times Co. on Thursday reported that digital advertising revenue in the second quarter declined 6.8 percent — its second straight quarterly tumble in the important category — helping produce a 76 percent drop in operating profit.
The NYT’s total revenue of $372.6 million was short of the Zacks Consensus Estimate of $376 million.
President and Chief Executive Mark Thompson told Wall Street analysts that he expected ad revenue improvement in the third quarter but that it would be “lumpy.”
The publisher is expecting a smaller number of ad deals across multiple platforms, but for individual deals to command more revenue, Thompson said.
The 50-plus employees who opted for voluntary buyouts in July would result in about an $11 million write-off in the third quarter.
