By Kevin McCauley
The New York Times Co. today reported a $42M first-quarter net profit, bolstered by a $29M gain from the sale of its regional newspaper group.
Operating profit slipped 24 percent to $19.6M on flat revenues of $499M.
CEO Arthur Sulzberger said in a statement the NYTC faces challenges in the advertising marketplace due to “uneven U.S. economic environment and uncertain global conditions.”
On the digital front, paid subscriptions to the New York Times and International Herald Tribune rose 16 percent to 454K from the fourth quarter. Paid subs to the Boston Globe rose 13 percent to 18K.
Sulzberger was buoyed by that performance. “Our readers have embraced our digital strategy, which has provided a successful model for the industry,” he said in a statement.
Digital ad sales slipped 10.3 percent to $71.1M, largely due to a lackluster performance from the About Group.
Sulzberger predicts a modest improvement from About during the current quarter.
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