New York Times First-Quarter Losses Worsen
The setback announced Tuesday was even worse than pessimistic analysts had anticipated.
The publisher of The New York Times and The Boston Globe lost $74.5 million, or 52 cents per share, in the first quarter. That compared with a loss of $335,000 at the same time last year. That was break-even on a per-share basis.
This year's first-quarter results included charges totaling 18 cents per share to cover the costs of jettisoning employees and other special items.
Revenue for the period totaled $609 million, a 19 percent drop from last year. Advertising sales plunged by nearly $124 million, or 27 percent.