NEW YORK (Reuters) ? New York Times Co warned its third quarter advertising revenue would drop by a larger-than-expected 8 percent, hurt by a pullback from real estate, help wanted and national automotive advertisers.
New York Times Chief Executive Janet Robinson, speaking at a Goldman Sachs conference on Wednesday, cited tough economic conditions, saying advertisers were less confident about making upfront commitments.
She said that print advertising revenue was feeling the sharpest pinch, forecasting that it would fall by about 10 percent in the quarter. Digital advertising revenue is likely to be down 2 percent to 3 percent, she said.
The company previously said in July that advertising revenue was expected to decline in the 4 percent range.
Newspapers have been hammered by declines in advertising revenue for several quarters as marketers spend money in other media, especially digital. New jitters that the economy could face another downturn only add to the industry's woes.
Robinson said circulation revenue would be up about 4 percent.
Analysts on average are expecting third quarter total revenue to fall about 1 percent to $549.8 million, according to Thomson Reuters I/B/E/S.
Shares of the New York Times Co. were down 17 cents, or 2.6 percent, at $6.47.
(Editing by Gerald E. McCormick)
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