The New York Times Co. suffered a 55 percent plunge in Q2 2014 net to $9.1M on flat revenues of $388.7M.
CEO Mark Thompson blames the profit shortfall on hefty investments made for strategic initiatives associated with the launch of new digital offerings.
A 6.5 percent drop in national advertising was the main culprit for the lackluster revenue performance.
Total ad revenues declined 4.1 percent to $156.3M, while circulation sales advanced 1.4 percent to $209.9M.
Thompson is buoyed by growth in the NYT's digital sector, but knows "we still have more work to do to transform our business and deliver long-term sustainable growth for the company," he said in a statement.
The NYT added 32K digital subscriptions, up 39 percent from the comparable period of a year ago.
New products such as NYT Now, NYT Opinion and Times Premier got credit for luring new customers.
The Times chief expects accelerated growth in digital subs during the next few months as the NYTC refines the new offerings and upgrades marketing efforts.
Of the much-ballyhooed innovation of the future of journalism blueprint, Thompson said the company is implementing its recommendations so "we can significantly grow our digital audience, which in turn, will contribute to improved digital subscription and advertising monetizaton."
Thompson also commented on the "paid content" or native advertising "Paid Posts" program, saying he's "particularly encouraged by its growing success."
The company expects third-quarter revenues to be flat once again, while advertising will inch downward in the low- to mid-single digit range.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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