The New York Times Company announced an almost 96% decline in quarterly profits Wednesday.
Restructuring charges that corresponded to headcount reductions led the way for the dip, reports the Daily Mail.
Headcount reduction is a process where a company reduces the number of its employees due to a variety of circumstances.
The company also reported that total revenue dropped one percent to $363.6 million from $367.4 million. The net profit attributable went from $9.4 million last year to $406,000 for the third quarter.
New York Times Company did see a fall in print advertising revenue as well. The revenue dropped to 19 percent for the third quarter, following a 14 percent drop in the second quarter.
Digital advertising revenue increased 21 percent for the quarter, reaching a total of $44 million.
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