World Economy

NYT Posts Q1 Loss

NYT  Posts Q1 LossNYT  Posts Q1 Loss

The New York Times Company on Tuesday reported a slump in advertising revenues for both print and digital, dragging the newspaper group into the red for the first quarter.

The prestigious US daily posted a loss of $8.3 million in the quarter, narrower than the $14.3 million deficit in the same period a year ago. Overall revenues dipped 1.2% to $380 million, AFP reported.

The Times cited a "challenging" market for both print and digital advertising, as it seeks to transition to an online model while expanding its readership globally.

Circulation revenues rose 2.4% from a year ago as the newspaper added a net 67,000 digital-only subscribers. But the bottom line was hit by weakness in advertising and special charges related to the closing of a paper mill and pension settlements.