The New York Times Company’s share price experienced its furthest one-day drop in three years today after the company released third quarter results that showed an 85 percent decline in net income on the period a year earlier.
While analysts had predicted an average third quarter profit of 8 cents a share, the company reported a loss from continuing operations (excluding severance and other costs) of 1 cent a share.
During the quarterly earnings call today, Twitter users noted under the $NYT symbol that the company’s share price had fallen by 11, 13, and then 17 percent. (The decline stood at 14.6 percent at time of publication. View current price here).
On the call, Chairman and Interim CEO Arthur Sulzberger Jr. listed video, mobile and international expansion among growth areas for the company, and spoke of its engagement with Facebook, Twitter, Pinterest and Google +, its new presence on Flipboard, and its experimental HTML 5 app for the iPad as crucial elements in its strategy.