NEW YORK — New York Times Co., hurt by the deteriorating economy and the resulting advertising slowdown, Monday posted a sharp decline in first-quarter net income and trimmed its growth forecast for this year.
The publisher said first-quarter net income fell 26% to $61.3 million, or 37 cents a diluted share, from $83.1 million, or 47 cents a share, a year earlier. The results were in line with analysts’ lowered expectations.
Revenue in the quarter slipped 5.3%
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