New York Times Co. on Thursday said first-quarter profit fell 69 percent from a year earlier when it took a large gain, as higher newsprint costs and weak results from the Boston Globe outweighed strong Internet revenue.
The company, which also publishes The New York Times and International Herald Tribune, said net income fell to $35 million (24 cents a share), from $111 million (76 cents). The New York Times cautioned investors last month that first-quarter earnings would be slightly below the analysts’ average estimate of 25 cents a share at the time.
