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NYT Results: Digital Down, and It's Getting Worse
The New York Times Co. just announced its fourth-quarter and year-end results, and it's a bleak picture: Earnings, at 19 cents a share, were down 48 percent year-over-year in the last three months of 2008.
"The disruptions of the global economy are affecting all businesses and industries, especially companies, such as ours, that generate a significant portion of their revenues from advertising," said president/CEO Janet Robinson. "As the economy deteriorated in the quarter, advertisers significantly reduced their spending."
The most alarming news is in the details: Digital ad revenues, which grew at a rate of 15 percent in the year-earlier quarter, were down 3.5 percent in Q4 2008. And Robinson said print ad spending actually decelerated further in January, although digital ad spending was merely flat.
The Times Co. will hold an earnings call later this morning. More then.
