New York Times beats on revenue and profit

REUTERS - 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 percent to $443.9 million, 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 percent. Print and digital advertising revenue decreased 1.6 percent and 0.2 percent 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 percent.

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.

(Reporting by Jennifer Saba in New York; Editing by Bernadette Baum)