World

The New York Times reports 54% drop in Q2 profits

DPA New York | Updated on November 25, 2017

The New York Times’ profit dropped a dramatic 54 per cent, to $9.2 million, compared to the same quarter last year due to increased investment spending and a decline in the paper’s print advertising revenue, according to a second-quarter earnings report released on Tuesday.

While the number of digital subscriptions grew by 32,000 during the quarter, a 6.6-per-cent decrease in the paper’s print advertising revenue put a damper on the company’s profits.

“We saw continued growth in digital advertising and circulation revenues during the quarter,” said Mark Thompson, President and Chief Executive Officer, in a press release. “But know that we still have more work to do to transform our business and deliver long-term sustainable revenue growth for the company.”

Published on July 30, 2014

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

null
This article is closed for comments.
Please Email the Editor