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New York Times Company’s Profit Drops 24 Percent in 1Q

The New York Times Company announced its 2012 first quarter results today, and as has often been the case, there was mostly bad news. Despite net income skyrocketing to $42 million as a result of the company selling its Regional Newspapers, profit was down 24 percent in 1Q, compared to last year. Print and digital advertising revenue dropped as well, down seven and three percent, respectively. Additionally, revenue at About Group plummeted 23 percent.

“The uneven U.S. economic environment and uncertain global conditions continued to present challenges to the advertising marketplace,” said Arthur Sulzberger Jr., in a statement.

However, it wasn’t all bad news. Circulation revenue was up almost 10 percent and “Paid subscriptions to all of the company’s digital packages, e-readers and replica editions totaled approximately 472,000,” according to Sulzberger, Jr.

Fingers crossed that those numbers keep growing, not the ones we mentioned in the beginning.

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