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A Mixed Bag From the New York Times: Q2 Costs Got Better, Ads Got Worse, and Web Dollars Disappeared

in Media on July 23, 2009 at 6:00 am PT

We saw a mini-rally in newspaper shares yesterday, based on the notion that the worst may be over for the industry. But the New York Times’s Q2 results are pretty inconclusive: The publisher was able to take a big chunk out of costs, but revenue kept plunging, and Web ads dropped by more than 15 percent. The paper did say, though, that things got less bad as the quarter progressed, and that they’ll get slightly less bad next quarter, too.