NY Times Reports $16M Profit

The New York Times Company reported net income of more than $16 million for the second quarter on slightly lower revenue, as digital growth and cost declines offset a continued drop in print advertising across the industry.

The company said Thursday that it had added 33,000 net digital subscribers in the quarter, higher than in the same quarter in the previous two years. It also disclosed that last week, for the first time, it passed the one million mark for digital subscribers.

That, combined with an increase in home delivery prices in January, more than offset a decline in print copies sold. Total circulation revenue increased about 1 percent to almost $212 million.

The company reported adjusted earnings of 13 cents a share, surpassing analyst’s expectations of 11 cents.

Digital advertising, a bright spot for the company the last several quarters, was up 14 percent, and accounted for about $48 million of revenue, or about a third of total advertising revenue. The growth was driven, said the company’s chief executive, Mark Thompson, by mobile and video advertising, and native advertising, which the company calls paid posts.