Good morning, PR pros:
On Wednesday, The New York Times’ stock fell as the publisher announced that its digital advertising revenue was set to drop. Though its digital subscription revenue is set to increase, it’s not enough to offset investors’ fears.
The warning comes as the New York Times reported second-quarter net income of $25.2 million, or 15 cents a share, up 6.7% from $23.6 million, or 14 cents a share, in the year-earlier period. Adjusted operating profit fell 6.4% to $55.6 million, and adjusted earnings from continuing operations were flat at 17 cents a share.
Revenue increased 5.2% to $436.3 million, driven by gains in subscription revenue as well as growth in advertising revenue and revenue from the television series “The Weekly” and growth from commercial printing operations.
It’s a reminder to PR pros looking to land media coverage or deciding on a sponsored content deal to dig deeper and find stories that can appeal to publications’ readership.
How are publications’ struggles affecting your pitches and marketing strategies?
Here are today’s top stories: