New York Times
, hurt by declines in advertising revenue and various charges, predicted third-quarter earnings will drop by as much as half from a year ago.
The media company said Thursday it expects third-quarter earnings of 8 cents to 10 cents a share, compared with 16 cents last year.
The projection includes 1 cents to 2 cents a share from charges related to workforce cuts, as well as 2 cents to 3 cents a share from the sale of the company's investment in the Discovery Times Channel.
Analysts polled by Thomson First Call project earnings of 18 cents a share, but that number isn't directly comparable to the company's forecast.
"The print advertising market has been very challenging during July and August and remains so in September," said Janet L. Robinson, president and CEO.
New York Times said its total revenue fell 2.2% in August, while advertising revenue declined 3.8% for its units. Ad revenue fell 4.2% at its New York Times Media Group, which includes its namesake newspaper, and sank 15.7% at the New England Media Group, which includes the Boston Globe.
The company's About.com unit continued to be the one bright spot, with ad revenue surging 45%.
New York Times is the second major publisher this week to warn of weakened ad results. On Monday,
cut its third-quarter projections because of lower ad revenue at
The Wall Street Journal