The New York Times Co. reported better than expected quarterly revenue and profit as advertising sales improved and more people paid for its flagship newspaper.
The company, which publishes The New York Times, said fourth quarter revenue fell 5.2 per cent to $443.9-million (U.S.), beating analysts’ estimates for $441-million, according to Thomson Reuters I/B/E/S.
Excluding an extra week in the same period last year, total revenue inched up 0.4 per cent. Print and digital advertising revenue decreased 1.6 per cent and 0.2 per cent respectively.
The company said it expects advertising revenue to trend at the same level this quarter as in the fourth quarter.
The company had been particularly hit by changing trends in digital advertising – once a bright spot – as advertising exchanges drove the price of ads down. But it showed improved from the third quarter, when digital advertising revenue fell 3.4 per cent.
Net income from continuing operations fell to $38.6-million, or 24 cents per share, from $118-million, or 76 cents per share, in the same period a year earlier.