New York Times company stock closes down 22% after disappointing earnings report
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New York Times Company stock fell about 22 percent Thursday after the company released weaker than expected earnings. Stocks of other companies that own newspapers dropped too: Gannett Co. was down a little more than 5 percent, and News Corp., Media General and Lee Enterprises were down as well. McClatchy, which also released earnings Thursday, finished unchanged. The Dow closed up .2 percent.
The New York Times was expected to report earnings of 8 cents per share but instead reported a 1 cent loss per share, according to analyst Mark Vickery blogging on NASDAQ.com.
Total revenue at the Times was down less than a percentage point, but advertising revenues were down 8.9 percent. Print revenues were down 10.9 percent, while digital advertising revenue dropped 2.2 percent. Circulation revenue was up 7.4 percent over the third quarter of 2011, following rate hikes and an increase in digital subscription packages.