NEW YORK (TheStreet) -- Shares of New York Times Co. (NYT) are down -5.42% to $13.26 after the media company missed its second quarter profit estimates as advertising sales continued to fall, Bloomberg reports.
Ad revenue was down 4.1% to $156.3 million.
Earnings, excluding some items, were 7 cents per share, falling short of the 8 cents projected by analysts, according to the average of estimates compiled by Bloomberg.
Second quarter revenue was down less than 1% to $388.7 million, compared with the average estimate of $390.5 million.
Must Read: Warren Buffett's 25 Favorite Stocks
Circulation sales gained 1.4% to $209.8 million.
TheStreet Ratings team rates NEW YORK TIMES CO as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate NEW YORK TIMES CO (NYT) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
Highlights from the analysis by TheStreet Ratings Team goes as follows: