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New York Times ad revenue declines 11% in first quarter

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New York--The New York Times Co. announced Monday that advertising revenue for its Newspaper Group fell 11% in the first quarter, compared with the same period last year.

The company, which will soon add new sections to its flagship, The New York Times, continues to struggle with the ad slump, as ad revenue fell 9.7% last month following an 8.9% drop in February. It said national advertising revenue declined because of softness in financial services, transportation, technology products, telecommunications and corporate advertising.

First-quarter earnings fell 14.6% to $59.6 million, from an adjusted $69.8 million in the first quarter of 2001, excluding special items. Including special items, net income was $54.5 million, down 22.7% from an adjusted $70.5 million for the first quarter of 2001.

"Our first-quarter financial results were favorably affected by a very strong circulation revenue performance, a continuation of our rigorous cost-control initiatives and a recovering U.S. economy," said Russell T. Lewis, president-CEO, in a statement. "Additionally, we benefited from the continued improvement at NYTD, our digital division, where revenues rose and we achieved our third consecutive quarter of operating profit."

--Matthew Schwartz

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