New York Times Reports Down Q3 Revenue As Advertising Declines

The New York Times Co. on Wednesday reported net income for the third quarter hit $406,000, or breakeven on a earnings per share basis, compared with income of $9.42 million, or 6 cents per share during the same quarter a year ago. Adjusted earnings per share were 6 cents, above the FactSet consensus of 4 cents. Revenue for the quarter came in at $363.55 million, down from $367.40 million last year and just under FactSet's $365.00 million consensus. While circulation revenue rose 3% in the quarter to $217.10 million, revenue from advertising saw a nearly 8% slid, hitting $124.90 million. "The quarter was also marked by real pressure on print advertising both for us and for the rest of the industry," Chief Executive Mark Thompson said. "We expect print advertising to remain challenged in the fourth quarter and while we will continue innovating and investing where we think it makes sense, we will remain focused on our cost structure and on rapidly growing our digital business." The company said it expects circulations revenues in the fourth quarter to increase at a similar rate as third quarter revenue, while advertising revenue is expected to decrease the same. New York Times shares were inactive in premarket trade, but have declined nearly 19% in the year to date, underperforming the S&P 500 Index , which is up 3%.