Newspapers, Third Quarter | featured news

(Reuters) - The New York Times Co reported worse-than-expected results on Thursday as advertisers cut spending on both print and digital outlets, sending shares down 12 percent.

New York Times Co. expects ad revenue to fall a steeper-than-expected 8% in the third quarter, with as much as a 3% decline in digital-ad sales.

The Washington Post Co. on Friday reported a 50 percent drop in second-quarter earnings, with revenue continuing to plummet in the Kaplan Higher Education Unit and both the online and print operations of the newspaper division seeing declines in advertising revenue. Overall profits for the quarter that ended July 3 totaled $45.6 million ($5.74 per share), the company said, compared with $91.9 million ($10.00 per share) a year earlier. Revenue increased at The Post Co.’s television broadcasting and cable television divisions.

The New York Times Company reported a $35.6 million loss for the third quarter on falling advertising revenue, but deep cost-cutting and newspaper price increases helped beat projections.