New York Times 2nd-quarter profit falls 54 percent, misses estimate

MarketsAssociated Press

The New York Times Co. on Tuesday reported earnings that declined by 54 percent in its second quarter, and missed analysts' expectations.

The New York-based company said net income declined to $9.2 million, or 6 cents per share, from $20.1 million, or 13 cents per share, in the same quarter a year earlier.

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Earnings, adjusted for non-recurring costs, came to 7 cents per share. The average per-share estimate of analysts surveyed by Zacks Investment Research was for profit of 8 cents.

The newspaper publisher said revenue decreased less than 1 percent to $388.7 million from $391 million in the same quarter a year earlier, and topped Wall Street forecasts. Analysts expected $388.6 million, according to Zacks.

New York Times Co. shares have fallen $1.85, or 12 percent, to $14.02 since the beginning of the year. However, the stock has increased $2.19, or 19 percent, in the last 12 months.