Ongoing Ad Weakness Hits New York Times Forecasts

20 June 2003

The New York Times Company has warned that weaker-than-expected ad revenues and rising costs will pull earnings below forecasts this year.

The group said that the job market had hit recruitment advertising, SARS had affected travel adspend, while retail ads were also faring worse than predicted.

Earnings for 2003 are now expected to be up by a percentage in the low to mid-single digits, rather than the mid-single to low-double-digit rise previously forecast.

Data sourced from: New York Times; additional content by WARC staff