The company on Tuesday reported $55.7 million in adjusted operating profit for the quarter, which excludes some one-time costs. That amounts to 7 cents a share, falling short of the average analyst estimate of 8.5 cents, as compiled by Thomson Reuters. The Times reported $70.7 million in adjusted profit in the second quarter of 2013.
The number of digital subscribers, a growth area for the company, increased by 32,000 in the quarter. New products that offer additional benefits to digital subscribers — including the NYT Now app, an Opinion app and Times Premier — make up the bulk of that total. Paid subscribers to digital-only products totaled 831,000 at the end of the quarter.
Circulation revenue increased 1.4 percent, while revenue from syndication, conferences and other events rose nearly 8 percent. But total revenue decreased 0.6 percent, to $389 million, from $391 million in the period a year earlier, largely because of a 4.1 percent decline in advertising revenue. Net income dropped to about $9 million from more than $20 million in the second quarter of 2013.
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