The New York Times Company, the parent of The New York Times, posted a $335,000 loss in the first quarter  one of the worst periods the company and the newspaper industry have seen  falling far short of both analysts’ expectations and its $23.9 million profit in the quarter a year earlier.

The company did break even on a per-share basis, compared with the average analyst forecast of earnings of 14 cents, down from 17 cents in the first quarter of 2007.

The company’s main source of revenue, newspaper advertising in print and online, fell 10.6 percent, the sharpest drop in memory, as the industry suffers the twin blows of an economic downturn and the continuing long-term shift of readers and advertisers to the Internet.

In a conference call with analysts, Janet L. Robinson, president and chief executive, said it was “a challenging quarter, one that showed the effects of a weaker economy,” compounded by “a marketplace that has been reconfigured technologically, economically and geographically.”