NYT Grows Digital, Raises Profits, But The Mood Is Grim
In today’s earnings report for The New York Times Company, we learn that the NYTCo grew its digital revenues by 11 percent to $113 million, so now NYTCo digital revs make up, oh, 17 percent of the company’s total revenues and 20 percent of the company’s total budget.
Digital revenues at just the flagship paper increased 20 percent to $20.3 million.
The company reported a profit of $111 million for the quarter, down 17 percent over the year from $135 million.
In the earnings release, the company outlined what it believes will happen in 2011: “Circulation revenues in the first quarter are expected to decrease in line with the declines the Company experienced in the second half of 2010,” it said.
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