The New York Times Company reported a sharp drop in net income in the first quarter as the print advertising market remained stubbornly depressed for newspapers.How long before the Times ownership is outsourced to Mexico?
The company said net income fell 57.6 percent, to $5.4 million, compared with $12.8 million in the quarter a year ago.
The weakness in print advertising, coupled with an unexpected drop in revenue at About.com, led to earnings of 4 cents a share before special items were excluded, compared with 8 cents a share in the period a year ago.
Saturday, April 30, 2011
As recently as 2008, the New York Times' average weekday circulation was over 1.1 million. By the third quarter 2010, it had dropped to 876,638. So, no wonder: