The New York Times reported that advertising revenue in the second quarter fell by 43.6 percent compared to the same time last year, while digital advertising declined by 32 percent and print fell by 55 percent.
As per executives, the company’s biggest categories, including tech, luxury goods and entertainment all suffered.
However, the Times did add 493,000 subscribers to its main news product and 176,000 to its other digital products, recording its single best quarter of digital subscription growth.
Outgoing CEO Mark Thompson said in a conference call with analysts that “the power of great journalism” is the most important driver of subscription revenue.
Additionally, the company projects somewhat similar results for the rest of the year, estimating that digital subscription revenue will be up 30 percent year to year in the third quarter as advertising revenue falls 35 to 40 percent.
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