New York Times Reports Narrower Q3 Loss, Expects Bigger Q4 Drop In Ad Sales

New York Times reported Thursday a third-quarter loss, including discontinued operations, that narrowed to $12.5 million, or 8 cents a share, from $24.2 million, or 16 cents a share, in the year-earlier period. Excluding non-recurring items, the media company reported per-share earnings of 3 cents, beating the FactSet consensus analyst forecast of a breakeven quarter. Revenue rose 0.8% to $364.7 million, compared with analyst estimates of $366 million, as circulation revenue increased 1.3% and advertising revenue declined 0.1%. For the fourth quarter, the company said it expects circulation revenue to increase at a rate similar to that of the third quarter, while ad revenue is seen declining in the mid-single digit percentage range. The stock, which was still inactive in the premarket, has lost 16% this year through Wednesday, while the S&P 500 has gained 7.2%.