Again, poor business performance from one of the best newspapers in the world:
The New York Times Company reported today its second quarter net income of $21.14 million or $0.15 per share, compared to $118.3 million or $0.82 per share in the same quarter last year.
Quarterly total revenues declined 6% to $741.9 million from $788.9 million in the comparable quarter last year.
Analysts expected earnings of $0.22 per share and revenue of $753.93 million for the quarter.
What else do the Sulzberger family and the board of directors need in order to review the quality and performance of their own top management — including the family members involved in the operation — and a board that seems unable to stop the sinking of the company?
Chief Executive Janet Robinson said — oh, my God! — that business was hurt by the “U.S. economic slowdown and secular forces playing out across the media industry.”
“Secular forces”?
Outside forces?
No.
Inside weakness.