Skip to comments.New York Times reports another loss as ad sales decline
Posted on 07/28/2016 8:03:35 AM PDT by mandaladon
July 28 (Reuters) - The New York Times Co reported its second quarterly loss in a row as print and digital advertising sales declined.
Print ad revenue fell 14.1 percent, the eighth straight quarterly decline. Digital ad revenue, which accounts for about a third of total ad revenue, dropped 6.8 percent, the second straight quarterly decline.
The Times posted a net loss of $211,000 attributable to shareholders for the second quarter ended June 26, compared with a profit of $16.4 million the year-earlier quarter.
On an adjusted basis, the company earned 11 cents per share from continuing operations, matching the average analysts' estimate, according to Thomson Reuters I/B/E/S.
"Advertising was tougher in the quarter, particularly on the print side," Chief Executive Mark Thompson said in a statement on Thursday.
"In digital, we saw very strong growth in mobile, video and virtual reality, branded content and programmatic advertising."
However, this was not enough to offset declines in traditional web display, which led to an overall decline in digital advertising, he said.
"We expect that situation to improve in the second half of the year; in fact, we are already seeing a marked turnaround in July," he said.
Like other newspaper and magazine publishers, the Times has found it difficult to cope with a steady decline in print ad revenue in recent years.
In an attempt to overcome this, the company has been pushing into digital offerings with investments in technology and initiatives such as distributing Google Cardboard virtual reality headsets to subscribers.
The Times has said that 2016 would be "an investment year" and that it would invest more than $50 million over the next three years to strengthen its digital presence outside the United States.
(Excerpt) Read more at finance.yahoo.com ...
Yep, what is going on?
the Times is liberal. They editorialize and lecture us, urging us to be liberal. You mean to say, that their readership is declining; that people are not persuaded by their editorial slanted news coverage????
The NYT is becoming more and more irrelevant
Liberal papers lose money...
But never go away.
I could fix it. Gun advertisements.
Little Pinch is deeply saddened.
Perhaps if all of their stories maybe deviated slightly from “hilliary is awesome. Did you see what hillary said? It was awesome. The donald is bad. Did you see what donald said? It is bad, racist, sexist, misogynistic, islamaphobic, homophobic. Donald is bad”
Keep your eye on the Philly Inquirer.
Last year it was donated to a NONPROFIT.
This is a beta test to see if they can get away with a new model.
Lefty propaganda, subsidized with taxpayer money and foundation grants.
Their target demographic wants videos - 10-15 second videos showing Rs are evil if possible.
Reading is hard. And that pot ain’t gonna smoke itself so they have better things to do than watch a long video to find out that Rs are evil.
You need to close the doors traitorous NYSlimes.
Thank goodness for that money from the Clinton Foundation.
As one who is not into schadenfreude, I just might make an exception this time.
12 posts and no Nelson yet; this sucks!
Some smart entrepeneur should wait for the $.75 point and then move in.
A SINGLE DAILY COPY of the Pittsburgh Post-Gazelle now goes for TWO dollars.
I suspect few Yinzers will be reading it for very much longer.
I swear that our progressive-left government in DC will find a back-door way to bail them out.
Well, if the New York Times has to lay off employees, those employees can always go to Venezuela and work in the fields with all the Venezuelans who voted for socialism.
“Comrade.....you worked at the New York Times. Surely you know how to pick turnips? Perhaps some torture will awaken your agricultural abilities.”
Hoping the liberal rag goes out of business.
Dumb to go to a pay site when all the same news is available elsewhere for free
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