New York Times revenue falls on lower ad sales
Published 03/05/2016 | 15:00
New York Times reported a 1.2 percent fall in quarterly revenue as ad sales fell in its print and digital businesses.
Digital ad revenue, which contributes about a third of total ad revenue, fell 1.3 percent to $41.8 million, while print advertising revenue fell 9 percent, the company said on Tuesday.
New York Times, like many other newspaper and magazine publishers, has been trying to cut costs and push further into digital content as it struggles with diminishing revenue from its print division.
Circulation revenue from the company's digital-only subscriptions rose 14.2 percent to $54.2 million in the first quarter.
The company said paid digital-only subscriptions totaled about 1.4 million as of the end of the first quarter, a net increase of 87,000 from the preceding quarter.
The company said in February that it aims to increase the number to a "million and a quarter" by the end of the year.
Revenue fell to $379.5 million from $384.2 million.
Excluding items, the company earned 10 cents per share.
Analysts on average had expected a profit of 8 cents and revenue of $377.3 million, according to Thomson Reuters I/B/E/S.
Net loss attributable to shareholders narrowed to $8.3 million, or 5 cents per share, in the first quarter from $14.3 million, or 9 cents per share, a year earlier.