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New York Times reports increased profits as digital revenues rise New York Times reports increased profits as digital revenues rise
(35 minutes later)
The New York Times reported increased profits at the end of 2012, boosted by asset sales and digital revenues, but new chief Mark Thompson warned the advertising environment "remained challenging". The New York Times reported increased profits at the end of 2012, boosted by asset sales and digital revenues, but new chief Mark Thompson warned that the advertising environment "remained challenging".
The group reported net income for the fourth quarter of $176.9m, or $1.14 a share, up from $58.9m, or 39 cents a share, a year earlier. The results were boosted by the sale of information website About.com. The group reported net income for the fourth quarter of $176.9m, or $1.14 a share, up from $58.9m, or 39ยข a share, a year earlier. The results were boosted by the sale of information website About.com.
Total revenues increased 5.2% to $575.8m from $547.4m. Advertising revenues decreased 3.1% as growing digital revenues failed to make up for falling print advertising. The Times group, which also includes the Boston Globe and International Herald Tribune, is suffering along with its peers as print sales fall and advertisers move to cheaper digital venues.Total revenues increased 5.2% to $575.8m from $547.4m. Advertising revenues decreased 3.1% as growing digital revenues failed to make up for falling print advertising. The Times group, which also includes the Boston Globe and International Herald Tribune, is suffering along with its peers as print sales fall and advertisers move to cheaper digital venues.
National advertising dropped 10% across all newspapers in the first nine months of last year, according to the Newspaper Association of America.National advertising dropped 10% across all newspapers in the first nine months of last year, according to the Newspaper Association of America.
The company has been trying to offset falling sales from print ads with digital revenues. Thompson said the group had 668,000 paid subscribers at the end of the fourth quarter, 13% higher than the third quarter. Circulation revenues grew 16.1%, boosted by digital subscribers and an increase in print prices. Annual circulation revenues, $952.9m, surpassed annual advertising revenues, $898,078, for the first time. Digital advertising revenues rose by 5.1% as print advertising shrank by 5.6%.The company has been trying to offset falling sales from print ads with digital revenues. Thompson said the group had 668,000 paid subscribers at the end of the fourth quarter, 13% higher than the third quarter. Circulation revenues grew 16.1%, boosted by digital subscribers and an increase in print prices. Annual circulation revenues, $952.9m, surpassed annual advertising revenues, $898,078, for the first time. Digital advertising revenues rose by 5.1% as print advertising shrank by 5.6%.
"2012 showed both the opportunities and challenges we face as a company," said Thompson, president and chief executive officer. "We saw continued strong growth in digital subscriptions as well as increased revenue from our large print circulation base.""2012 showed both the opportunities and challenges we face as a company," said Thompson, president and chief executive officer. "We saw continued strong growth in digital subscriptions as well as increased revenue from our large print circulation base."
Thompson said the "demonstrated willingness of users here and around the world to pay for the high quality journalism" would be a key building block in the group's strategy for growth. He added that the advertising environment "remained challenging" in the fourth quarter.Thompson said the "demonstrated willingness of users here and around the world to pay for the high quality journalism" would be a key building block in the group's strategy for growth. He added that the advertising environment "remained challenging" in the fourth quarter.