The New York Times Co. on Thursday forecast sharply lower third-quarter earnings because of a "challenging" print advertising market, sending shares down nearly 5 percent in after-hours trading.
The publisher of The New York Times newspaper and the Boston Globe forecast earnings of 8 cents to 10 cents per share, compared with 16 cents in the same quarter last year.
"The print advertising market has been very challenging during July and August and remains so in September," Chief Executive Janet Robinson said in a statement.
Not that this is anything new though. The New York Times has been stinking up the joint for a long time.