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.

  • Andrew Beaujon

    Andrew Beaujon reported on the media for Poynter from 2012 to 2015. He was previously arts editor at TBD.com and managing editor of Washington City Paper. He's the author of the 2006 book "Body Piercing Saved My Life," about Christian rock and evangelical Christian culture.

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