New York Times Reports Slight Fall in Quaterly Profit -- Falling 95.7%

In an election year!

On the plus side, they still had a profit. Which is rare for a newspaper these days.

The New York Times Co reported a 95.7 fall in quarterly profit, hit by restructuring charges related to headcount reductions.

Net profit attributable to the newspaper publisher fell to $406,000, or break-even per share, in the third quarter, from $9.4 million, or 6 cents per share, a year earlier.

Revenue fell to $363.6 million from $367.4 million.

The company, struggling to transition to digital, said online ad revenues grew 21.5 percent and now account for more than 35 percent of its advertising receipts.

But that increase failed to offset an 18.5 percent drop in print ad revenues -- a situation faced by most traditional newspaper publishers.

Some idiot spokesthing for the New York Times said something like "This just goes to show the New York Times has a great story to tell in digital advertising."

posted by Ace at 12:41 PM

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