JOEL BOH
The New York Times Co. posted its first quarterly revenue growth since 2007 on Thursday, with a jump in online advertising revenue offsetting further declines in print.
It's a significant milestone because the publisher of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers pays most of its bills by selling ads.
The company's profit fell 18 per cent from a year ago, when it booked a big one-time tax gain.
It earned $32-million, or 21 cents per share, in the latest quarter. That compares with $39.1-million, or 27 cents a year ago.
Revenue climbed 1.2 per cent to $590-million, from $583-million.
Advertising revenue was flat. A 21 per cent jump in digital ad sales offset a 6 per cent decline in print.
Meanwhile, the Times Co. continues to get more cash directly from readers, reporting a 3.2 per cent increase in circulation revenue. It has raised subscription and newsstand prices for both the Times and the Globe.
Operating expenses fell 4.3 per cent.