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Oct 30 (Reuters) - New York Times Co reported lower-than-expected quarterly revenue and projected a further decline in advertising sales in the current quarter, sending its shares down about 7 percent.
The company said it expected a mid-single digit percentage decrease in advertising revenue in the fourth quarter.
The New York Times, like many newspaper and magazine publishers, has been under relentless pressure to replace an evaporating pool of print advertising dollars with digital ads and money from subscriptions.
The publisher said earlier this month that it would eliminate 100 newsroom jobs and a smaller number of positions elsewhere.
Print advertising revenue fell 5.3 percent in the third quarter, the company said.
Paid subscribers to the company’s digital-only products, which include its youth-centric NYT Now app, totaled 875,000 at the end of the quarter, a 20 percent jump from a year earlier.
Total revenue rose marginally to $364.7 million, but missed the average analyst estimate of $369.9 million, according to Thomson Reuters I/B/E/S.
New York Times’ net loss attributable to common stockholders nearly halved to $12.5 million.
The company reported adjusted earnings from continuing operations of 3 cents per share. Analysts on average had expected the publisher to break even on a per share basis.
The company’s shares were down 5.6 percent at $12.64 in early morning trading on Thursday. Up to Wednesday’s close, the stock had fallen 15.6 percent this year. (Reporting by Anya George Tharakan in Bangalore; Editing by Simon Jennings and Sriraj Kalluvila)