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Media

NY Times (NYT), Bad Quarter But Worse March

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Published

The New York Times Company (NYSE: NYT) had a "challenging" first quarter.Total revenue fell almost 5% to to $748 million. Expense dropped only 1% to $723 million.

The company’s odd About.com online operation was the only strong performer. Its reveue rose 25% to $28 million. It operating profit was up 14% to $9.5 millon. Total Internet revenues grew 11.6 percent to $82.9 million from $74.3 million. Internet advertising revenues increased 16.0 percent in the quarter. Internet businesses include our digital archives, NYTimes.com, Boston.com, About.com and the Web sites of our other newspaper properties.

The newspaper segment of the company had a 78% operating profit drop to $13.3 million.

No matter how bad the quarter was, March was worse. During the month total revenues from continuing operations decreased 6.4% compared with the same month a year ago. Advertising revenues decreased 11.1%. Ad revenue at the company’s New England Media Group, mostly the Boston Post, dropped an astonishing 26%. At the Regional Media Group the figure was over 19%. Advertising revenues at the About Group rose 22.4% due to growth in cost-per-click advertising.

Most of the newspaper advertising fall-off was in classifieds. With online companies like Craigslist taking that business, it isn’t coming back.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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