Times Reports First-Quarter Profits


Over at the Awl, Choire Sicha reads past the optimistic first page of the New York Times' first-quarter earnings report to see what's behind the sunny news that profits are up five times over this time last year:

"Total revenues decreased 3.2 percent to $587.9 million from $607.1 million. Advertising revenues declined 6.1 percent, circulation revenues rose 3.5 percent, and other revenues decreased 15.5 percent. The increase in digital advertising revenues, which rose 18.3 percent, was more than offset by a 12.3 percent decrease in print advertising revenues."

At least online ads are going up, though in the end the bump really came from "higher subscription and newsstand prices" and reductions in staff size and compensation. Meanwhile, other newspaper companies like McClatchy and Gannett have also shown slight upticks in their first-quarter reports.

'NYT' 1st Quarter: Online Growth Totally Eroded by Print Tailspin [Awl]