By: E&P Staff The New York Times Newspaper Group reported that advertising revenue for the month of May increased a scant 0.2%--one of the weakest performance of its peer group, according to Merrill Lynch.
Classified revenue was up 5.4%. Though gain in help wanted revenue was up 12.3% (it was still below its peers, some of which reported 20% plus growth) and in automotive, up 13.5%. But real estate revenue, which declined 4.9%, dragged on the total category.
National advertising crept up, 1.9% because of strength in the transportation, corporate, fashion and live entertainment advertising. However, entertainment, financial services, technology products and banking advertising pulled the category down. Retail was down 0.4%.
In response, Merrill Lynch lowered the Q2 EPS estimate by 4 cents per share to 48 cents per share, "entirely a reflection of the softer top-line results."
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