New York Times Posts Profit
Cost-cutting helped New York Times Co. swing to a better-than-expected third-quarter profit from a year-earlier loss, despite a deteriorating market for print advertising.
Times Co. said total advertising revenue at its newspapers, which include the New York Times and Boston Globe, fell 7.3 percent in the latest quarter from a year earlier due to a double-digit rate of decline in print. That compared with a 2.5 percent drop in total advertising in the second quarter.
Digital ad revenue at Times Co.’s newspaper properties increased 6.2 percent to $50.3 million in the third quarter. However, overall ad revenue at the papers was dragged down by a 10.4 percent decline in revenue from more costly print ads.