Thursday, July 24, 2008

New York Times: Meltdown Nearly Complete

The wonderfully managed New York Times Company just reported an 82% drop in profit for the second quarter.

Meanwhile, print advertising revenue continued to shrink... Revenue dropped 6 percent to $741.9 million, missing the average Wall Street estimate for $754 million. Ad revenue slipped down 11 percent, hurt mostly by fewer classified ads.

Look at the bright side: revenue only missed by $12 million dollars.

John McCain was unavailable for comment; presumably because he was too busy giggling.

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