New York Times expects 3Q loss, lower revenue

CBS

CBS

The New York Times Co. says it will post a loss from continuing operations in the third quarter on a revenue decline of about 2 to 3 percent.

The company says higher digital advertising revenue again won’t be enough to offset lower revenue from print advertising and circulation.

The newspaper publisher said Wednesday it expects to have a loss from continuing operations 5 to 7 cents a share in the third quarter.

But it says excluding severance costs and other one-time adjustments, it expects earnings of 3 to 5 cents per share. That’s in line with the 4 cents a share that analysts expect.

The analysts tend to exclude one-time items from their estimates.

The revenue outlook implies revenue of $553.5 million to $559.2 million. That is below analysts’ average expectation of $563.8 million.

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