NY Times sees print ad revenue decline slowing
NEW YORK (Reuters) - The New York Times Co expects the pace of print advertising revenue declines to slow modestly in the fourth quarter.
The company, whose shares rose 5 percent in early trading, forecast that print ad revenue will decline 4 percent year on year in the fourth quarter from a 6 percent drop in the third quarter.
Top New York Times executives are expected to speak during the UBS Global Media and Communications conference in New York on Tuesday.
The company, which publishes its namesake newspaper and the Boston Globe, reiterated that digital advertising revenue in the fourth quarter is expected to increase about 10 percent. Circulation revenue is expected to decline 4 percent to 5 percent as previously stated.
Operating costs are expected to decrease 2 percent and 3 percent.
New York Times shares were up 5 percent at $9.84 in morning trade.