NYT Grows Digital, Raises Profits, But The Mood Is Grim

nyt_logo.jpgIn 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. (That’s about 3.5 percent per quarter.)

And print advertising, at least if January is anything to go on, is decreasing at the same rate as it did last quarter, about 7.2 percent. Digital advertising at the company’s newspapers will increase in the “mid-single digits” but About.com will continue to leak money. (About.com is still profitable, to the tune of $16 million last quarter, but not like it once was.)