The New York Times Co says it has narrowed its losses from the same period a year ago, while touting progress in its transition to a digital news operation.
The prestigious daily on Thursday reported a loss of US$12.5 million (NZ$15.9 million) in the third quarter, compared with a deficit of $24.2 million a year earlier, while revenues edged up one per cent to US$206.7 million.
"Our third-quarter performance was better than we anticipated, reflecting broad digital strength that more than offset print revenue declines, leading to overall revenue growth of approximately one per cent," president and chief executive officer Mark Thompson said.
"Digital advertising revenue saw its third consecutive quarter of positive growth - up nearly 17 percent year-over-year - and print advertising revenue rallied in September as well."
The newspaper group said it added 44,000 net new digital subscribers, up 20 percent year-over-year.
Part of the loss came from higher expenses for severance as the newspaper cut back some 100 editorial jobs.
Chief financial officer Jim Follo said the group helped offset that with "strong digital growth on both the advertising and consumer sides of our business".
Like other media firms, the Times is shifting its focus from print to digital as it strives to adapt to a decline in readership and competition from other sources of news online.
AFP
source: newshub archive
