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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.”
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