NYT Posts Decline In Revenue, Profit
The New York Times’ revenue fell 2.7 percent even as digital revenues rose sharply, the company reported today.
The company turned a profit of $62 million, a 23 percent drop from the third quarter of 2009 but a strong increase over last quarter’s $32 million in income.
“”We have remained vigilant in managing our expenses, and we were able to keep our third-quarter operating costs virtually flat with the third quarter last year despite higher compensation costs and newsprint prices, and investments in our digital offerings across the Company,” NYT Company president and chief executive officer Janet L. Robinson said in a statement.
Perhaps notably, this quarter is the first time since mid-2007 that the company’s circulation revenues have fallen.
Also, no surprise here—while the company’s digital news revenue (from NYTimes.com etc) rose another 15 percent in the quarter, the division is contributing less than a fifth of the company’s total revenue. Not yet enough to keep the paper afloat without the actual paper.
The company estimated that next quarter will see another circulation drop while print and digital advertising both improve.
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