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.
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%.
Follow John Nolte on Twitter @NolteNC