The Gray Lady posted strong results, buoyed by an unexpectedly resilient US digital ad market. Meanwhile, local media companies are bracing themselves.
The New York Times’ result could point to better than expected results elsewhereThe New York Times Company reported its quarterly results on Tuesday , and the market was surprised to learn it had smashed its digital advertising revenue expectations.
Analysts expected the digital advertising market to suffer a low to mid-single-digit fall. Instead, it rose 6.5 per cent to $US73.8 million , fuelling a better-than-forecast $US590.9 million in revenue for the Gray Lady in the three months to June 30. Print advertising fell 8.6 per cent to $US44 million.
“Advertisers, marketers and media companies, being perennial optimists, may claim some green shoots from NYT’s numbers and the recent ‘less bad’ advertising declines,” Mr Han told
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