New York Times Co. shares on Friday plummeted after the company axed its quarterly dividend by 74 percent and said there will unlikely be no immediate relief in ad revenue downturns, MarketWatch reported Friday.

NYT stock fell 7 percent and on Friday closed at US$5.32, but earlier that session fell to a new 52-week low of $4.95. The stock has fallen more than 80 percent in the past three years.

The company announced on Thursday that it cut its quarterly dividend to 6 cents a share, down from 23 cents, MarketWatch reported.

“Coupled with our other actions, (the cut) will help us decrease debt and improve the liquidity of the company,” said Arthur Sulzberger, New York Times Co. chairman, according to MarketWatch.