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Thursday, March 28, 2024

The New York Times’ Revenue Since Hiring Paul Krugman

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Things at the NYT are not going quite as planned. From the FT:

A fall in advertising sales and stepped-up investment in digital products sapped second-quarter profit at the New York Times as the publisher forecast flat circulation revenue and further declines in advertising in the coming months.

Net income of $9.2m, or 6 cents a share, was down 54 per cent from $20.1m, or 13 cents a share, a year ago. Adjusted operating profit, which strips out some one-time items including retirement costs and depreciation, fell 21 per cent to $55.7m.

A trio of digital offerings – the NYT Now app, targeted at mobile users, a standalone opinion app and a higher-priced premium subscription service – helped lift circulation revenues in the quarter. But the company said subscriber growth for its website and core mobile app had flagged, and said it needed to do a better job of marketing its offerings to the right audiences.

Or another way of showing it, here are the NYT’s revenues since hiring Paul Krugman as an Op-Ed columnist. Correlation or causation?

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