New York Times posts loss despite austerity measures - recovery in advertising market
Despite continuing to post losses, The New York Times Company is seeing signs of a recovery in the advertising market. Group CEO Janet Robinson said Thursday that the company had seen encouraging signs of improvement across the economy and in discussions with the advertising industry. Print advertising has been performing moderately well recently, and online advertising has been performing even significantly better.
However, it is not yet clear whether the trend will continue. In the third quarter, however, the publisher did not notice much of a recovery. Advertising revenues fell by 27 percent within a year. However, sales only fell by 17 percent to 571 million dollars, as the
Newspaper prices were increased.
For the first time in the company's history, sales revenue exceeded advertising revenue. Thanks to its cost-cutting measures, however, the publishing house lost significantly less money. The quarterly loss was reduced by two thirds to
35.6 million euros. A year ago, however, the result was negatively impacted by write-downs.
The long-established publishing house has now further tightened its cost-cutting measures. Costs were reduced by a good 22 percent in the quarter, compared to 20 percent in the previous quarter. A total of 475 million dollars is to be saved by the end of the year. At the beginning of the week, the company announced its intention to lay off another hundred journalists. In addition, the sale of shareholdings is expected to bring money into the company's coffers.
Newspaper prices were increased.
For the first time in the company's history, sales revenue exceeded advertising revenue. Thanks to its cost-cutting measures, however, the publishing house lost significantly less money. The quarterly loss was reduced by two thirds to
35.6 million euros. A year ago, however, the result was negatively impacted by write-downs.
The long-established publishing house has now further tightened its cost-cutting measures. Costs were reduced by a good 22 percent in the quarter, compared to 20 percent in the previous quarter. A total of 475 million dollars is to be saved by the end of the year. At the beginning of the week, the company announced its intention to lay off another hundred journalists. In addition, the sale of shareholdings is expected to bring money into the company's coffers.
