Good News: NY Times Earnings Plummet 82%

File this one under comedy.

New York Times Co. says its second-quarter earnings fell 82 percent from the year-ago quarter boosted by a one-time gain. Meanwhile, print advertising revenue continued to shrink.
The New York-based newspaper publisher says its quarterly net income dropped to $21.1 million, or 15 cents per share, which included 11 cents per share in buyout costs.

Analysts polled by Thomson Financial expected income of 22 cents per share in the latest quarter. Analyst estimates typically exclude special items.

Naturally, they blame the economic slowdown rather than readers and advertisers abandoning them in droves.