The New York Times continues to struggle to find its way in this increasingly digital world. The company reported a net loss of $500,000 for the second quarter, with total revenue dropping three percent, to $373 million.
The main culprits for the losses: Severance pay for the closure of the Times’ Paris-based operations and steep declines in advertising. The Times took a $12 million hit for the Paris shuttering and total ad revenue fell 12 percent compared to the second quarter of 2015.
Print ad revenue dropped by 14 percent and digital advertising revenue dropped seven percent. The latter is especially troubling, as digital ad dollars represents more than a third of the Times’ total ad revenue.
On the bright side, the Times continues to add digital subscribers. The company added 51,000 digital-only subscriptions during the second quarter, bringing the total to 1.4 million.