New York Times Drops as Print-Ad, Circulation Slide Cut Profit
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New York Times Co., publisher of the namesake newspaper, dropped as much as 5.9 percent after reporting a 26 percent decline in profit as print advertising and circulation revenue continued to shrink.
Fourth-quarter net income fell to $67.1 million, or 44 cents a share, from $90.9 million, or 61 cents, a year earlier, the company said in a statement today. Revenue slid 2.9 percent to $661.7 million, compared with the $666 million average analyst estimate, according to a Bloomberg survey.