New York Times' Q4 profit benefits
By Yinka Adegoke |
February 11, 2010, Thursday
|
Print Edition
Print Edition
THE New York Times Co yesterday posted a better-than-expected quarterly profit as it benefited from slashing operating costs to counter a decline in advertising revenue at its newspapers.
Fourth-quarter income from continuing operations was 48 cents a share, compared with 19 cents a share in the quarter a year ago.
Excluding severance costs and special items, the publisher reported profit of 44 cents a share. Wall Street analysts had on average forecast profit to come in at about 38 cents a share, according to Thomson Reuters.
Revenue fell 11.5 percent to US$681.2 million.
Like other United States newspaper companies, the Times has been struggling with a long-term decline in advertising revenue at its newspapers.
It reduced operating costs about 15.5 percent during the quarter as it made cuts in nearly all major expense categories.
Ad revenue at the news media group fell 15 percent.
Online revenue, including About and its newspaper Websites, grew 11 percent.
The company also said its circulation revenues rose 2 percent as it was able to command higher subscriptions and newsstand prices.
Fourth-quarter income from continuing operations was 48 cents a share, compared with 19 cents a share in the quarter a year ago.
Excluding severance costs and special items, the publisher reported profit of 44 cents a share. Wall Street analysts had on average forecast profit to come in at about 38 cents a share, according to Thomson Reuters.
Revenue fell 11.5 percent to US$681.2 million.
Like other United States newspaper companies, the Times has been struggling with a long-term decline in advertising revenue at its newspapers.
It reduced operating costs about 15.5 percent during the quarter as it made cuts in nearly all major expense categories.
Ad revenue at the news media group fell 15 percent.
Online revenue, including About and its newspaper Websites, grew 11 percent.
The company also said its circulation revenues rose 2 percent as it was able to command higher subscriptions and newsstand prices.
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