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The New York Times Company tanks 20% after saying ad revenue will decline next quarter (NYT)


The publisher reported second quarter financial results on Wednesday. Here are the key numbers: 
Revenue: $436.25 million, compared to $439.25 million estimated by analysts
Earnings per share: $0.17, compared to $0.15 estimated by analysts
Operating profit: $37.9 million, down from $40 million last year
The company said it expects total ad revenue to decline in the high-single digits in the third quarter compared to the same period last year. Digital ad revenue, which is becoming a bigger chunk of the publisher's business, is expected fall by high-single digits as well. 

"We expect the second half of 2019 to be somewhat more challenging for digital advertising than the first half, with this year's revenue comping against our large gains in the third and fourth quarters of 2018," Chief Executive Officer Mark Thompson said in a statement. 

The sluggish forecast is a concerning sign for the New York Times as the segment accounted for 48.1% of the publication's total ad revenue in the second quarter. 

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