New York Times Company's Profit Drops 24 Percent in 1Q

The New York Times Company announced its 2012 first quarter results today, and as has often been the case, there was mostly bad news. Despite net income skyrocketing to $42 million as a result of the company selling its Regional Newspapers, profit was down 24 percent in 1Q, compared to last year. Print and digital advertising revenue dropped as well, down seven and three percent, respectively. Additionally, revenue at About Group plummeted 23 percent.