Citing the effects of the weak economy, NYTCo (NYSE: NYT) announced Q2 revenue of $741.9 million, a 6 percent year-over-year decline from $788.9 million. Net income on a continuing basis fell 5.5 percent to $20.8 million ($.15 per share) from $22 million ($.15 per share). Ad revenue for the quarter fell 10.6 percent to $454.3 million. Both the top and bottom line numbers came in well below analyst estimates, according to MarketWatch. We’ll see if the already-depressed stock gets hit harder.
– The About Group grew revenue 15.8 percent to $28.6 million, though higher operating costs mean that op profit at the unit was only up 7.1 percent to $9.1 million. Total internet revenue grew 12.8 percent to $91.3 million, accounting for 12 percent of total revs.
– During the quarter, the company had $27.6 million in buyout-related costs, and it’s now forecasting total annual buyout costs of $40-$50 million, up from previous guidance of $30-$35 million. Perhaps the call will clarify what this means from an HR standpoint.
– June revs drop 10 percent, online slows: Total June revs fell 10 percent, while ads fell 16.4 percent, both year-over-year. And while total online revs grew 11.7 percent and online ads were up 18.6 percent last month, in June 2007, NYTCo.’s internet ad revs for the News Media Group rose 22.0 percent over June 2006. June Release