ADOTAS — A day after it won five Pulitzer Prizes, the New York Times released ugly first-quarter numbers today and doesn’t expect much better in the second-quarter.
The Times had first-quarter 2009 operating loss of $61.6 million as total ad sales dropped 28.4 percent year-over-year. Internet ad sales slipped 6.1 percent to $67.6 million from $72 million. The Times’s About.com group’s ad sales only shrank 4.7 percent.
The company managed to cut operating costs 9.5 percent in the quarter, and more gloom is expected, according to Janet L. Robinson, president and CEO.
“At this time, and it is early in the quarter, we believe the rate of decline in ad revenues in the second quarter will be similar to that of the first. In time, however, we believe that the economy will grow and the advertising market will improve. While we are looking forward to that day, we are not waiting for it.”
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