New York Times Co. Chief Executive Janet Robinson said the company expects third-quarter advertising revenue will fall 8%, more than it previously forecast, as ad volume for all its publications and websites has come under pressure. Particularly surprising was the company's new projection that digital ad revenue, which has been rising, would fall 2% to 3% in the quarter.
"Economic conditions have been getting more difficult since the second quarter," Ms. Robinson told analysts at a conference in New York. "The advertising market certainly is under pressure." New York Times had expected to see a drop similar to the 4% decline in the second quarter, Ms. Robinson said. The company now expects print ad revenue to slide 10% and digital ad revenue to drop 2% to 3%, she said.