NY Times expects advertising revenue to decline Concern about economic slump puts pressure on corporate spending | Reuters

[３日 ロイター] – The New York Times said on Thursday that it expects advertising revenue to decline in the third quarter as companies slash advertising spending on the back of the prospect of a global recession.

Chief Executive Officer Meredith Kopit-Levian said while prioritizing investments in areas such as journalism and digital product development, “we will continue to scrutinize costs given the uncertain macroeconomic environment.”

It expects subscription revenue to grow 11% to 13% in the third quarter, buoyed by increased investment in its digital division.

Second quarter subscription revenue increased more than 13 percent to $383.6 million. About 25% of the increase was digital related. Digital paying subscribers increased net by 180,000.

Earnings per share, excluding special items, were $0.24, beating market expectations of $0.19.