By Kevin McCauley
The New York Times Co. today reported a 26.2 percent slide in Q4 2010 net income to $67.1M as revenues dipped 2.9 percent to $661.7M.
Janet Robinson, CEO, blames a "volatile" ad market for the lackluster performance.
"The progress we made on the print advertising front in October and November was not sustained in December due to a combination of difficult year-over-year comparison and advertiser caution abut he economy and consumer spending," she said in a statement.
Digital advertising grew 11 percent to $100.6M during the quarter but could not offset the seven percent dropoff of ads on the print side. Digital accounted for 26 percent of NYTC's quarterly ad revenues.
Robinson said the NYTC showed further progress in '10 toward its "long-term strategy of re-engineering" the company.
"During the fourth quarter, we maintained our relentless focus on managing costs to mitigate the effects that the ongoing transformation of our industry and an uneven economic recovery had on our operating performance," said Robinson.
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