The New York Times Company (NYT) reported a 48.2% rise in fourth-quarter profit on Thursday as it cut costs while continuing its push into digital content.
The company said its operating costs fell 7.7% to $352.7 million in the last three months of the year, the fourth quarter in a row that it has cut expenses.
Costs declined mainly due to better print production and distribution as well as declines in severance, depreciation, and raw materials costs, the company said.
Digital advertising revenue rose 10.6% to $69.9 million, while circulation revenue from digital-only subscription products rose 13.3% to $50.4 million.
Total revenue was flat at $444.7 million.
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Net income attributable to shareholders from continuing operations rose to $51.7 million, or 31 cents per share, from $34.9 million, or 22 cents per share, a year earlier.
The Times said in October that it aimed to double annual digital revenue to $800 million by 2020, with a focus on winning over more smartphone users.
Newspaper and magazine publishers are struggling to replace an evaporating pool of print advertising dollars with digital ads and money from subscriptions. (Reporting By Arathy S Nair in Bengaluru; Editing by Ted Kerr)
