The New York Times building is seen in Manhattan, New York, U.S., Aug 3, 2020. REUTERS/Shannon Stapleton
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.