New York Times forecast a third-quarter revenue decline yesterday that is worse than Wall Street was expecting because of advertising and circulation revenue declines, dashing hopes of a rapid recovery at the US newspaper publisher.
The newspaper publisher expects revenue to fall two per cent to three per cent in the third quarter.
Market analysts were expecting a 1.2 per cent drop, on average to $563.82m (£360.27m).
No sharp rebound in advertising is expected this year, New York Times chief executive Janet Robinson said at the Goldman Sachs Communacopia conference in New York.
“I don’t think anyone thought there would be a hockey stick return for advertising,” Robinson said.
New York Times said it expects to report an operating loss in the range of 5 cents to 7 cents per share in the third quarter.