WASHINGTON (dpa-AFX) - New York Times Co. (NYT) Thursday reported third-quarter net loss which narrowed, as results for the prior-year quarter included a $18.9 million loss from discontinued operations.
On the basis of continuing operations, loss widened from last year, hurt by investment spending, $21.4 million of employee severance costs, and a 5.3 percent decline in print advertising revenues.
Net loss narrowed to $12.49 million or $0.08 per share, from the loss of $24.23 million or $0.16 per share a year earlier.
Excluding certain items, the company reported per-share earnings of $0.03, compared with $0.01 a year earlier.
On average, six analysts polled by Thomson-Reuters expected the company to report breakeven earnings for the quarter. Analysts' estimates typically exclude one-time items.
Revenues rose to $364.72 million, from $361.74 million last year, but were shy of the $369.9 million Wall Street expected.
The company added 44,000 new digital subscribers during the quarter, and increased its digital advertising revenue by 16.5 percent.
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