NEW YORK (AP) — The owner of The New York Times says it had a net loss in the second quarter because of a non-cash writedown for the declining value of some of its smaller newspapers.
The New York Times Co. said Thursday that it lost $120 million, or 81 cents per share. That’s down from earnings of $32 million, or 21 cents per share, a year earlier. Excluding special items, it earned 14 cents per share, better than the 10 cents that analysts polled by FactSet expected.
Revenue fell 2 percent to $577 million, close to analyst expectations of $581 million. Growth in digital revenue has yet to make up for declines in print. The Times’ website began charging for full access this quarter and had 224,000 digital subscribers as of June 26.