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New York Times Now Projects Q4 Advertising Revenue To Decline About 20%

Ahead of the UBS Global TMT Conference, New York Times Co. (NYT) on Wednesday provided an update to its outlook for fourth-quarter advertising revenue that it provided while reporting its financial results for the third quarter in early November.

In a regulatory filing, New York Times said it now expects total advertising revenues for the fourth quarter to decline about 20 percent compared with the year-ago period, with digital advertising revenue expected to decrease about 5 percent.

While reporting its third-quarter results in November, New York Times projected total advertising revenues for the fourth quarter to decline about 30 percent compared with the prior-year period, with digital advertising revenue expected to decrease in the mid-teens, largely due to the impact from the COVID-19 pandemic.

The company noted that the updated advertising revenue guidance is as of the current date, and it does not intend to provide further updates on the outlook until it releases its fourth-quarter 2020 results in February 2021.

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