By: Ravi Somaiya | New York Times
Increased investments in digital products and a decline in print advertising weighed on The New York Times Company’s second-quarter earnings, as profit slipped 21 percent.
The company on Tuesday reported $55.7 million in adjusted operating profit for the quarter, which excludes some one-time costs. That amounts to 7 cents a share, falling short of the average analyst estimate of 8.5 cents, as compiled by Thomson Reuters. The Times reported $70.7 million in adjusted profit in the second quarter of 2013.