Times Company Reports a Drop in Income
Source: NYT
The New York Times Company reported a decline in first-quarter income on Thursday as its executives continued to reposition the company into a global news outlet for a digital age.
Amid the ongoing changes in the industry, the company also announced plans to introduce lower-cost subscription models, part of a broader growth strategy detailed on Thursday.
The company is remaking itself in the face of the struggles in both print and online advertising. In the first quarter, net income was $3.1 million, or 2 cents a share, down from $42.1 million, or 28 cents a share, in the period a year earlier. Income from continuing operations declined to $3.1 million from $8.7 million a year earlier.
Total revenue from the quarter declined 2 percent to $465.9 million. Over all, the companys advertising revenue declined 11.2 percent to $191.2 million from $215.5 million. Print advertising at the companys newspapers, which include The New York Times, The Boston Globe and The International Herald Tribune, shrank 13.3 percent. Digital advertising revenue declined 4 percent.
Read more: http://www.nytimes.com/2013/04/26/business/media/times-company-reports-a-drop-in-income.html