NYT Co. reports $15.7 million third-quarter profit
New York Times | Bloomberg | Times Co. press release
The Times says circulation revenue grew by 3.4 percent, while total advertising revenue slipped 8.8 percent. (Revenue in every advertising category was down, reports Jeremy Peters.)
The Times reports it now has 324,000 paid subscribers to the various digital editions of the paper, compared with 281,000 at the end of the second quarter. Print subscriptions continue to increase, the company said, a rise it attributes to the free Web access that accompanies the subscriptions. The Times' third-quarter report benefited from a $65.3 million pre-tax gain from the sale of part of its stake in the Boston Red Sox. (The company had a loss of $4.3 million during the third quarter last year.) The Times also reports that in the third quarter....
* Digital advertising revenues increased 6.2 percent
* Operating costs declined 4 percent "despite continued investment in new products, digital technologies and our high-quality journalism."
* Newsprint expense decreased 3.3 percent, with 6.6 percent from lower consumption offset in part by 3.3 percent from higher pricing.
Wall Street likes the report: NYT stock is up more than 7 percent this morning.