NYT's August Revenues Down 14 Percent; Online Sales Recover After Weak July
This story was written by Rafat Ali.
The New York Times (NYSE: NYT) company's revenues fell sharply in August (16 percent at its three main papers NYT, IHT and Boston Glober), yet its online showed a marked improvement over the flat July. Online ad revenues in its news media properties grew 7.9 percent despite weakness in online recruitment advertising, particularly in late August. About.com Group's ad revenues rose 16.1 percent due to growth in both cost-per-click and display advertising. Online revenues made up only 13 percent of overall revenue at the Times in August.
Total classified advertising dropped off 30 percent for the company, with jobs ads falling 45 percent and real estate dropping 30 percent, which is marginally better than July declines. More details in release.
By Rafat Ali