New York Times Shares Plunge

The New York Times announces today it expects to report a third-quarter loss from continuing operations in the range of 5 cents to 7 cents a share, but excluding items earnings will come in at 3 cents to 5 cents a share; shares plunge.
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(New York Times story updated to reflect changing share prices)

NEW YORK (

TheStreet

) -- The

New York Times

(NYT) - Get Report

announced today it expects to report a third-quarter loss from continuing operations in the range of 5 cents to 7 cents a share, but excluding items earnings will come in at 3 cents to 5 cents a share.

Analysts forecast New York Times to report earnings of 4 cents a share.

Shares of New York Times stock have plunged 6.4% to $7.46.

New York Times made the announcement ahead of its presentation at the

Goldman Sachs

Communacopia XIX Conference on Wednesday.

Special items excluded from the company's adjusted earnings forecast include a $16 million charge for a write-down of assets at the

Boston Globe's

printing facility in Billerica, Mass., and a $6 million charge for an adjustment to estimated pension withdrawal obligations under several multi-employer pension plans at the

Globe

.

The company expects third-quarter severance costs to be about $1 million and total third-quarter revenue to decrease about 2% to 3%; print advertising revenue to decrease about 5%; digital advertising revenue to increase about 14%; circulation revenue to decrease about 5%; and operating costs to increase about 1% to 2%.

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-- Written by Andrea Tse in New York.

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