New York Times Co (NYT), a leading multimedia news and information company, has recorded a 54.36 percent plunge in profit for the quarter ended Jun. 29, 2014. The company earned $9.19 million or $0.06 a share in the second-quarter compared with $20.13 million or $0.13 a share a year ago. Analysts on average had predicted net income of $0.09 a share.

Revenue during the second-quarter went down marginally 0.57 percent to $388.72 million from $390.96 million in the last year period.

Gross margin contracted by 148 basis points over the previous year period to 59.37 percent. The company's operating income plunged to $16.50 million from $46.22 million in the last year period. That has resulted in contraction of 758 basis points in operating margins to 4.24 percent.

"We saw continued growth in digital advertising and circulation revenues during the quarter," said Mark Thompson, president and chief executive officer, "but know that we still have more work to do to transform our business and deliver long-term sustainable revenue growth for the company."

Shares of the company went down by 12 cents or 0.89 percent to trade at $12.77 on Wednesday.