Tuesday, April 21, 2009

New York Times posts loss as ad sales fall

The New York Times Co reported a quarterly loss on Tuesday because of a 27% drop in advertising revenue and poor performance at The Boston Globe, which might close this year.

A day after The New York Times newspaper won five Pulitzer Prizes, the highest honor in U.S. journalism, the results sent its parent company's shares down as much as 16%.

The Times reported a first-quarter net loss of US$74.5-million, or 52 cents a share, compared with a loss of US$335,000, or nil cents a share, in the quarter a year ago.

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