NEW YORK
The New York Times Co. narrowed its losses in the most recent quarter, though the company showed only moderate signs of improvement in advertising.
The publisher of The New York Times, The Boston Globe, The International Herald-Tribune and 15 other daily newspapers said Thursday it would have made money if not for hefty one-time charges. Times Co. shares jumped 75 cents, or 8.6 percent, to $9.50 in premarket trading.
Times Co. CEO Janet Robinson pointed to "encouraging signs of improvement in the overall economy and in discussions with our advertisers." She said print ad trends during the third quarter "improved modestly," while digital ads got more of a boost. Her comments echoed upbeat remarks this week from Gannett Co. CEO Craig Dubow, who said "revenue trends are moving in the right direction."
The Times Co. sustained a 27 percent drop in ad revenue from July through September. While that was an improvement over last quarter's 30 percent decline, year-over-year comparisons are getting easier because ad sales were already falling off by this time in 2008.
GO HERE to read more.
No comments:
Post a Comment