New York Times Co. reports sharp drop in third-quarter earnings

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New York--The New York Times Co. posted sharply lower third-quarter earnings, as higher circulation revenue was offset by the deteriorating advertising market. The company said earnings fell 26.5% to $46.3 million, or 30 cents a share, compared with $63 million, or 37 cents a share, in the same period last year. Advertising revenue, excluding revenue from businesses that have been sold, fell 14.5% in the quarter, to $452.7 million. The company's results were in line with analysts' estimates, many of which were revised after the Sept. 11 terrorist attacks. In early morning trading on the New York Stock Exchange, New York Times shares were trading at $40.50, up 48 cents from Wednesday's close.
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