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NY Times posts revenue growth, reversing slide
NEW YORK — The New York Times Co. reported a slight increase in quarterly revenue on Thursday as double-digit growth in digital advertising helped offset a continued slide in print advertising.The…
NEW YORK — The New York Times Co. reported a slight increase in quarterly revenue on Thursday as double-digit growth in digital advertising helped offset a continued slide in print advertising.The Times Co., which owns The Boston Globe, International Herald Tribune and other newspapers in addition to the flagship New York Times, said revenue rose 1.2 percent in the second quarter to 589.6 million dollars over a year ago.Net profit declined to 32 million dollars, or 21 cents per share, from 39 million dollars, or 27 cents per share, a year earlier when the media giant posted a large tax benefit."These positive results continued to build on the momentum of the past few quarters as the company was able to increase revenues and decrease operating costs," Times Co. president and chief executive Janet Robinson said.Like other US newspaper groups, the Times Co. has been grappling with declining print advertising revenue, falling circulation and the migration of readers to free news on the Internet.Times Co. revenue has been sliding for several years and fell 3.2 percent in the first quarter of the year and 11.5 percent in the previous quarter.The Times Co. said digital advertising revenue rose 21.2 percent in the second quarter while print advertising revenue fell 6.1 percent. That was an improvement on the previous quarter when print ad revenue fell 12.3 percent."We experienced positive trending in both print and digital advertising revenues," Robinson said in a statement."Online advertising revenues have become a larger part of our mix and made up 26 percent of the company's total advertising revenues in the 2010 second quarter, up from 22 percent in the same prior-year period," she said.Robinson said print advertising is expected to improve in the third quarter while digital advertising is expected to "trend in the mid to high teens."She said the Times Co. is "well-positioned to thrive in the evolving media marketplace, thanks to the significant progress we are making in reinventing our enterprise."We will en
last modification 2010-07-22 18:00:13
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