New York Times profit down, digital subscriptions up
Published on Jul 30, 2014 6:25 AM
NEW YORK (AFP) - The New York Times Co on Tuesday, July 29, 2014, reported a sharp drop in profits as lower advertising revenues offset gains in digital subscriptions.
Net profit for the second quarter fell to US$9.2 million (S$11.4 million) from US$20.1 million in the same period a year ago.
Total revenues fell slightly to US$389 million, with circulation revenues up 1.4 per cent and ad revenues down 4.1 per cent.
The bottom line was also hurt by higher operating costs, which the company attributed to increased investments in boosting the digital profile of the prestigious newspaper publisher.
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