As usual, the New York Times’ earnings report features both good and bad news (we suppose that pun is intended). While the Times’ digital subscriptions continued to grow, the lack of print ad dollars weighed the paper down. The end result was a 21 percent drop in profits during the second quarter.
The Times added 32,000 digital subscribers during the second quarter, bringing its total to 831,000 — a number that should make staffers proud. Still, total revenue dropped by 0.6 percent, mainly due to a four percent decline in ad revenue. Net income also declined from $20 million in 2013’s second quarter, to just $9 million this quarter.
“We saw continued growth in digital advertising and circulation revenues during the quarter,” Mark Thompson, CEO of the Times Company, said in a statement. “But know that we still have more work to do to transform our business and deliver long-term sustainable revenue growth for the company.”