New York Times misses revenue estimates on slowing ad spends
The New York Times Co missed analysts’ estimates for quarterly revenue on Wednesday as brands cut back on ad spending against the backdrop of a looming recession.
Dire results from tech giants such as Meta Platforms Inc and Google-parent Alphabet Inc have cast a shadow over the online advertising market, with brands curbing spending and cutting costs to grapple with decades-high inflation.
The Times’ digital advertising revenue grew about 5 percent in the third quarter.
The company’s total revenue rose 7.6 percent to $547.7 million in the quarter, compared with estimates of $548.6 million, according to Refinitiv data.
Net income attributable to the company’s common stockholders fell to $36.62 million, or 22 cents per share, in the quarter, from $54.66 million, or 33 cents per share, a year earlier.
The Times said it expects digital advertising revenue to fall in the fourth quarter.
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