Newspaper publisher New York Times Co. warned today that third-quarter profit would fall well short of Wall Street expectations.
Citing weak advertising in July and August, the company also lowered its advertising revenue growth forecast to a range of 2 per cent to 4 per cent from its previous forecast range of 3 per cent to 5 per cent.
August advertising revenue declined 1.4 per cent to $119.7 million from a year ago, excluding the International Herald Tribune, which it bought in January. This comes on top of an essentially flat July.
"September, which is seasonally stronger than the prior two summer months, has been trending better," said chief financial officer Mr Leonard Forman in a statement.