The Future of Print

Cost cuts return New York Times Co. to profit – Yahoo! Finance

Posted in Boom by futureofprint on July 23, 2009

NEW YORK AP — The New York Times Co. said Thursday its second-quarter profit climbed nearly 85 percent, as it cut costs aggressively to deal with punishing declines in newspaper and online advertising.

The company said it cut its operating costs by 20 percent to manage its revenue falloff, following a pattern that also emerged in recent earnings reports from fellow newspaper publishers Gannett Co. and McClatchy Co.

The company also signaled that the advertising slump may be starting to break. While ad revenue fell 30 percent across the company, Times Co. CEO Janet Robinson said “the rate of decline lessened throughout the quarter.”

The publisher of The New York Times, The Boston Globe, The International Herald-Tribune and 15 other daily newspapers said Thursday that it earned $39.1 million, or 27 cents per share, from April through June. That compares with a profit of $21.1 million, or 15 cents per share, in the same quarter a year ago.

Via Yahoo

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