The New York Times reported a lower quarterly net loss from steep cost cutting compared with last year when it wrote down the value of assets, as advertising declines continue to ravage the newspaper publishing sector.

The publisher of the namesake paper and the Boston Globe said advertising across the company fell 27 per cent, reflecting a modest improvement from the first two quarters of the year. At its news media group, which includes the New York Times, online advertising fell 18.5 per cent, while print ad sales fell 31.2 per cent.