In the first quarter of the year, The New York Times Company announced upbeat earnings results, reporting a profit and growing digital advertising sales, albeit after significantly scaling down costs last year.
Earlier this morning, the media company released earnings for the second quarter, and things aren’t looking terrible for them – but not stellar either.
The company’s Q2 profit declined 18 percent to $32 million, compared to the same period a year earlier, when it recorded a $37.7 million tax benefit and net income of $39 million. On an operating basis, profit more than doubled, increasing from $23.5 million to $60.8 million.
Total revenues increased 1.2 percent to $589.6 million in Q2 2010 compared with the second quarter of 2009, essentially reversing the first quarter 2010 decline of 3 percent.
Digital advertising revenue grew 21 percent, while the decline of print advertising revenue slowed down to 6 percent, leaving the company’s overall advertising revenue roughly flat. Online advertising thus continues to make up 26 percent of the NYT’s overall advertising revenue – this was already the case last quarter.
The company’s Internet businesses include NYTimes.com, About.com, Boston.com and other Web sites. The media company intends to start charging for some of its content next year.