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Ad Sales Drop Cause New York Times Profits to Collapse 54%

Ad Sales Drop Cause New York Times Profits to Collapse 54%

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The Financial Times reports that a drop in ad sales at the New York Times caused the left-wing newspaper’s profits to collapse 54% in the second quarter of this year. The Times netted only $9.2 million this quarter compared to $20.1 million last year.

A fall in advertising revenues and stepped-up investment in digital products outweighed rises in digital subscribers and circulation revenue at the New York Times, sending headline profit 54 per cent lower in the second quarter.

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Net income of $9.2m, or six cents a share, compared with $20.1m, or 13 cents a share, a year ago. Adjusted operating profit, which strips out some one-time costs including retirement costs and depreciation, fell 21 per cent to $55.7m from $70.7m.

While circulation increased by a measly 1.4%, ad sales dropped by almost three times as much to -4.1%.

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