New York Times Reports 16.9 Percent Drop in 3Q Revenues Compared to 3Q 2008
The New York Times Co. reported in a press release this morning that total revenues decreased 16.9 percent to $570.6 million in the third quarter from $687.0 million in 2008’s third quarter primarily because of lower print advertising results.
Advertising revenues decreased 26.9 percent; circulation revenues rose 6.7 percent; and other revenues decreased 38.5 percent.
But there was some optimism in the statement.
Janet Robinson, president and chief executive officer, said in the press release that “looking ahead, visibility remains limited for advertising in the fourth quarter. But as is the case across the media sector, we have seen encouraging signs of improvement in the overall economy and in discussions with our advertisers. Early in the fourth quarter, print advertising trends, in comparison to the third quarter, have improved modestly, while digital advertising trends are improving more significantly.”
The company, which just announced a reduction in its New York Times newsroom workforce of about 100 employees, expects to save approximately $475 million in operating costs as a result of reductions in nearly all major expense categories.