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New York Times income down nearly $10M from last year

Article source:Zhengzhou Friend Biological Engineering Co., Ltd. popular:Published time:2016-11-04 10:02:18

The New York Times net income tumbled 96 percent to $406,000 in the third quarter, down from $9.4 million a year earlier.

The results were wracked primarily by restructuring charges and declines in print advertising.


The company said cutbacks in Paris cost nearly $3 million in charges.

Operating income was also down 59 percent, to $9 million from $21.9 million a year earlier, driven by the double whammy of lower print ad revenue and higher operating costs.


Total revenue dipped 1 percent, to $363.6 million, which was below the $367.4 of a year ago and below analysts expectation of $365 million.

The one bright spot was digital revenue on the advertising and circulation side, but it was still not enough to offset the print slide. Total advertising was down 7.7 percent, to $124.9 million.


“We saw exceptional gains in our digital consumer business, with a net increase of 116,000 subscriptions to our news products,” said Chief Executive Mark Thompson. He said the company now has 1,557,000 paid digital-only subscriptions.


The stock closed at $10.95, up a half-percentage point on the day.

 

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