A near ten per cent drop in print advertising revenue has caused the New York Times Co to register a loss in the first quarter – further highlighting the continued sharp decline of the US print newspaper industry.

The Times lost $350,000, or less than 1 cent per share, after recording a profit of $23.9m, or 17 cents per share, during the same period a year earlier – the FT said.

The company attributed the losses to a slowing economy compounding the overall struggle the newspaper industry is having as readers and advertisers migrate to the internet.