Posted on 07/23/2008 8:16:25 AM PDT by LdSentinal
The New York Times (NYT: 13.07, +0.21, +1.63%) fell as low as $12.38 this morning after its second quarter earnings missed estimates. Profits plunged 82% to $21 mn versus the $118 mn posted in the same period a year ago, a period that was helped along by the one-time sale of an asset.
The share plunge is the lowest since July 1995.
Print ads dollars at the Times continue to shrivel, sending operating income in a nosedive, as ad dollars continued their inexorable march toward the Internet. Hotels, automakers, airlines, all hurt by high energy prices, have pulled back sharply.
Meanwhile, in news on another front, New York City mayor Michael Bloomberg and Bill Gates, philanthropist and legendary co-founder of software giant Microsoft (MSFT: 26.53, +0.73, +2.82%) have announced they plan to hold a press conference at the TimesCenter, run by the New York Times, to make an announcement today. In the past, Gates through his foundation has given tens of millions of dollars to help fix New York City schools.
Now if only the Times was on the list of the philanthropist’s handouts, as ad dollars continue to plunge at the paper. The Times is hoping against hope that its mix of assets, including The Boston Globe, the International Herald Tribune, About.com, regional newspapers and a classical music radio station in New York can pull it out of its corkscrew dive south. Stay tuned.
That's easy. Ads are the primary source of revenue, and the ratio of what an ad brings in revenue versus the miniscule cost to print per page is astronomical. Simple conclusion; less ads equals less revenue and less profits. Cost to print per page is minimal. Printing less pages does not help make up for the lost revenue.
Below is a happy Sulzy before the 2004 elections, and before Pinch started the Slimes on its roll into the liberal cesspool of hell.
Hey Sulzy, Pinch happens to left wing maggot infested liberals in today's world. PINCH HAPPENS 24/7 AT THE NY SLIMES!
The NYT is nothing more than Obamalama's propaganda machine. Totally in the tank/toilet for him and the left. I am glad that it is financially circling the bowl.
Shipley appears to be another maggot infected Jason Blair type at the NY Slimes under Pinch. Their maggot infested Dixie Chick Marketing strategy is doing a great job with their subscriptions, ads and stock value since 2004 when their BDS overcame any common sense they had left.
LLS
This should put a smile on your face.
In light of the recent bailouts and the ongoing taxpayer support of N.O., PBS and NPR, I believe that it is only fair that the NYT receive support in kind, don’t you?
I see a future tag line in the making...
Oh, that it does. That it does. :-)
DIE NYT!
Oh how I long for the day when the words ‘profits plunge’ are replaced by ‘escalating losses’.
He’s not smiling! He’s lickin his lips in anticipation!!!
Well, OK. Maybe he ain’t exactly smiling, but I definitely see a twinkle in his eye...
“I am reliably told the smiling hyena shown in this pic is called by his packmates “Grampa Dave.” “
Actually, that is a picture of my heir, Attila the Hyena. Attila sees zero value in any fishwrap or ABCNNBCBS. I have a lot of gray around my muzzle, between my ears and around my head.
It’s that gray matter between your ears that’s still quite snappy, bother ranter!!! (grin)
I meant to say... brother ranter!!!
“Well, OK. Maybe he ain’t exactly smiling, but I definitely see a twinkle in his eye...”
Actually, I ate first, and I’m laying down in the shade of a nearby tree trying to lure a buzzard in for an after lunch tidbit.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.