The New York Times warned investors Monday that its first-quarter earnings would fall below expectations as advertising revenue growth falls in the current economic climate although the company still expects to meet its target of 10% to 15% growth in full-year earnings per share, mainly due to tighter controls on costs and added revenues from circulation because of two recently announced price increases.
The newspaper said it expected advertising revenues for its newspapers to rise by 1-3% for the entire year against previous forecasts of 5-7% growth and with much of the growth coming in the second half of the year.
Like many other newspaper publishers, The New York Times is facing difficult year on year comparisons for advertising revenues in the first half of this year. During the same period last year Internet companies in the US were still spending heavily on advertising as the stock market and the economy boomed. This slowdown in advertising revenue began in the third quarter of 2000 (revenues at the New York Time grew by 15% and 14% in the first two quarters of 2000 respectively, but only 6% and 2% in the third and fourth quarters) and is expected to continue into 2001.
Media Jobs
Hello. We have downloaded cookies on your device. Some of these cookies are essential for the website to function. Others are non-essential and are used for analytics and advertising.
We need your consent for these types of cookies.
To withdraw your consent or change your cookie choices, please do this through your browser settings.
Otherwise, click OK to accept and continue.
