New York Times misses revenue estimates on slowing ad spends

THE New York Times missed analysts’ estimates for quarterly revenue on Wednesday (Nov 2) as brands cut back on ad spending against the backdrop of a looming recession.

Dire results from tech giants such as Meta Platforms and Google-parent Alphabet have cast a shadow over the online advertising market, with brands curbing spending and cutting costs to grapple with decades-high inflation.

The Times’ digital advertising revenue grew about 5 per cent in the third quarter.

The company’s total revenue rose 7.6 per cent to US$547.7 million in the quarter, compared with estimates of US$548.6 million, according to Refinitiv data.

Net income attributable to the company’s common stockholders fell to US$36.62 million, or 22 cents per share, in the quarter, from US$54.66 million, or 33 cents per share, a year earlier.

The Times said it expects digital advertising revenue to fall in the fourth quarter. REUTERS