The New York Times Company says it foresees a 10% drop in
digital ad sales this quarter due to coronavirus.
“Like many companies, in recent weeks we have
begun to see some economic impact from the coronavirus,” said CEO Mark Thompson
in a SEC filing with a March 2 date.
“Unlike many news publishers, our business is
heavily skewed towards subscriptions rather than advertising. We’ve seen no
adverse impact on subscription growth, or on the expected rise in subscription
revenue, which remains strong and consistent with the guidance we gave in our
most recent earnings call,” he said. “However, we are seeing a slowdown in
international and domestic advertising bookings, which we associate with
uncertainty and anxiety about the virus. We therefore now expect total
advertising revenues to decline in the mid-teens in the current quarter, with
digital advertising revenues expected to decline 10%. We remain broadly in line
with all the other guidance numbers we gave in the call in early February.”
Thompson planned to make the comments March 2
at the Morgan Stanley Technology, Media and Telecom Conference in Japan
News and Tech
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