The New York Times Co. posted a net loss for its second quarter due to an accounting adjustment it made for the declining value at its smaller newspapers. Without the writedown and a pension-related charge, it earned 14 cents a share, better than what analysts expected.
Still, revenue at the company continued to fall, hurt by an ongoing decline in print advertising. But there are some promising signs. The Times Co. said it had 224,000 digital subscribers at its flagship newspaper at the end of the quarter, better than what some analysts had expected. And the company said the decline in its print subscriber figures moderated.
Janet Robinson, the Times Co.’s president and CEO, answered an analyst’s question about print circulation during a conference call with analysts.
QUESTION: Are you seeing any moderation … outside of The New York Times in terms of your circulation volumes?
ANSWER: We are seeing some … We are seeing some moderation in some areas, but I think the larger area of moderation that we’ve seen is predominantly at The New York Times.