Earnings: NYTCo Q2 Continues Slide; Internet Up 12.8 Percent
This story was written by Joseph Weisenthal.
Citing the effects of the weak economy, NYTCo (NYSE: NYT) announced Q2 revenue of $741.9 million, a 6 percent year-over-year decline from $788.9 million. Net income on a continuing basis fell 5.5 percent to $20.8 million ($.15 per share) from $22 million ($.15 per share). Ad revenue for the quarter fell 10.6 percent to $454.3 million. Both the top and bottom line numbers came in well below analyst estimates, according to MarketWatch. We'll see if the already-depressed stock gets hit harder.
The About Group grew revenue 15.8 percent to $28.6 million, though higher operating costs mean that op profit at the unit was only up 7.1 percent to $9.1 million. Total internet revenue grew 12.8 percent to $91.3 million, accounting for 12 percent of total revs.
During the quarter, the company had $27.6 million in buyout-related costs, and it's now forecasting total annual buyout costs of $40-$50 million, up from previous guidance of $30-$35 million. Perhaps the call will clarify what this means from an HR standpoint.
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By Joseph Weisenthal