NY Times sees digital gains, but profit evaporates

AFP, NEW YORK: The New York Times Co. saw profits evaporate in the third quarter due to one-time costs and a steep drop in print advertising revenues, results showed Wednesday.
The prestigious US daily publisher reported a profit of $406,000 -- down 96 per cent from the $9.4 million profit in the same period a year ago.
Overall revenues fell one per cent in the quarter to $363.5 million.
The company, struggling to transition to digital, said online ad revenues grew 21.5 per cent and now account for more than 35 per cent of its advertising receipts.
But that increase failed to offset an 18.5 per cent drop in print ad revenues - - a situation faced by most traditional newspaper publishers

NY Times sees digital gains, but profit evaporates

AFP, NEW YORK: The New York Times Co. saw profits evaporate in the third quarter due to one-time costs and a steep drop in print advertising revenues, results showed Wednesday. The prestigious US daily publisher reported a profit of $406,000 -- down 96 per cent from the $9.4 million profit in the same period a year ago. Overall revenues fell one per cent in the quarter to $363.5 million. The company, struggling to transition to digital, said online ad revenues grew 21.5 per cent and now account for more than 35 per cent of its advertising receipts. But that increase failed to offset an 18.5 per cent drop in print ad revenues - - a situation faced by most traditional newspaper publishers