By Kevin McCauley
The New York Times Co. today reported a 58 percent plunge in first-quarter net to $5.4M due to soft advertising "reflecting the uneven economic environment," according to a statement from CEO Janet Robinson.
Total ad revenues dipped 4.4 percent to $299M. Print ads slipped 7.5 percent while digital was up 4.5 percent.
Robinson cited the launch of digital subscription packages as an “important milestone” for the company.
The NYT sold more than 100,000 digital subs since the paywall was erected in March. Robinson is "pleased with the number of subscribers” as “initial volume has meaningfully exceeded our expectations."
The company said it "does not yet have visibility into conversion and retention rates for these paying customers after the initial promotion period, although early indicators are encouraging."
The NYTC wrapped up the first-quarter with $352 in cash and short-term investments.
While optimistic about the future, Robinson noted that challenges for the "company and for the larger economy are not yet behind us."
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