The New York Times Co. fell into a deeper financial hole during the first quarter as the newspaper publisher’s advertising revenue plunged 27 percent in an industrywide slump that is reshaping the print media. Its shares dived Tuesday.
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The owner of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers said Tuesday that it lost $74.5 million, or 52 cents per share, in the opening three months of the year. That compared with a loss of $335,000 at the same time last year, which was break-even on a per-share basis.
The results in the most recent quarter included charges totaling 18 cents per share to cover the costs of jettisoning employees and other one-time accounting measures.
Even with those charges stripped out, the loss was much worse than analysts expected. Analysts surveyed by Thomson Reuters had predicted the New York-based company would lose 4 cents per share.