After a stellar September, the New York Times (NYT) had a more typical (read: weak) month: Overall revenue up 1%, advertising revenue down 1%, and circulation revenue up 3% as a result of a price increase. About.com was very strong: 37% organic growth (a significant acceleration from September), but online revenue at the newspaper sites was up only 19%, a slight deceleration.
The October numbers confirm the commentary on the Q3 call: October advertising was weak, especially regional and classified advertising, and especially in the technology, transportation, department store, electronics, and home furnishings/improvement categories. This supports the theory that consumer spending is weakening, a trend that we expect will soon hit broader advertising spending.
- Overall revenue up 1% to $328 million, a return to trend.
- Advertising revenue down 1% to $215 million, slightly better than trend.
- Circulation revenue up 3%, in line with trend.
- About.com up 46% to $10.8 million, a major acceleration, driven in part by higher display and click spending.
- Newspaper online revenue up 19% to about $20 million, a slight deceleration
- Web traffic up 16% to 49 million, an acceleration.
- NYTimes.com uniques at 17.5 million