Friday, July 24, 2009

NYT profit offers hope for industry

Steeper cost-cuts and a moderating rate of decline in advertising revenue helped push the New York Times to a second-quarter net profit, which surprised Wall Street but reflected an emerging trend across the US newspaper sector.

Although a recovery for US newspapers – which reported an average 30 per cent drop in ad revenue in the second quarter – is not expected until the second half of next year, some analysts wonder if the industry may have already hit bottom.

“The worst is pretty well over,” said Ed Atorino, newspaper analyst at Benchmark. “Maybe.”

}}} full story {{{

No comments: