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New York Times earnings show weak advertising, modest circulation gains

Jeff John Roberts

The New York Times Company posted its latest earnings on Thursday morning, and the results show the company moving forward at a plodding pace. Its earnings per share came in at $0.04 which was slightly below the $0.05 analysts had predicted. Operating profit for the quarter was $22.9 million.

Overall advertising declined 11.2% from the same quarter a year ago, while circulation revenues rose 6.2%. As usual, the company did not break out how much of this increase was the result of digital income versus increases in the price of its print products.

The Times’ total number of digital subscribers, a figure closely watched by investors and media observers, rose from 668,000 to 708,000 across the company. This number includes totals from the International Herald Tribune and soon-to-be-sold Boston Globe.

The results comes at a period when the Times is shedding staff and assets as part of a painful process to define itself as a global, digital-first news brand.

The Times will discuss the results on an 11ET earnings call. We will post updates from the call.

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