The New York Times Co reported Q1 advertising revenue down 27% as it posted losses widened to $74.5m (Q1 2008: $335,000 loss). The owner of, among others, the New York Times, Boston Globe, and International Herald Tribune saw revenues down 19% to $609m, below Wall Street estimates.
CEO Janet Robinson said ad revenue in the current quarter would fall between 20% and 30%, with no respite until July at the earliest. She said: “We do see signs and we hear comments from advertisers that lead us to believe that they are saving dollars in the first half to do possibly more in the second half.”
Analysts were unimpressed by the figures, with David Hamburger, from Citi Investment Research, saying: "These numbers are significantly worse than we originally estimated." Revenues at the group’s internet arm fell 5.6% to $78.2m. Shares fell 17% yesterday.
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