The New York Times Co. moved into the black during the 2Q, posting a $15.6M net income, up from a $211K red ink performance of a year ago deficit.
Operating profit grew to a $27.7M, up from $9.1M in 2016. Revenues jumped 9.2 percent to $407.1M.
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Mark ThompsonCEO Mark Thompson said NYTC registered a “strong quarter” in which it grew revenue and profitability and made “significant changes to ensure that the acceleration of our digital business continues in the long-term.”
The Times cracked the 2M digital-only news subscriber mark during the period. Digital-only subs rose 69 percent to the 2.3M level.
Revenues from digital-only news products jumped 46.4 percent to $82.5M. Digital advertising jumped 22.5 percent to $55.2M sparked by increased revenues from the smartphone, programmatic and branded content segments.
Print advertising continued to fall, dropping to $77.1M as the luxury, real estate, telecommunications, technology and travel categories registered declines.
The Times had an $11.9M charge for streamlining the company’s overseas print operation and an $11.7M write-off for a partial withdrawal obligation under a pension plan. Severance costs weighed in at $19.3M.
Thompson expressed optimism for the future. “We believe that more and more people are prepared to pay for high-quality, in-depth journalism that helps them make sense of the world,” he said.
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