The New York Times Co. posted its first quarterly revenue growth since 2007 on Thursday, with a jump in online advertising revenue offsetting further declines in print.
It’s a significant milestone because the publisher of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers pays most of its bills by selling ads.
The company’s net income fell 18 percent from a year ago, when it booked a big one-time tax gain.
It earned $32 million, or 21 cents per share, in the latest quarter. That compares with $39.1 million, or 27 cents per share, a year ago.
Revenue climbed 1.2 percent to $590 million, from $583 million.
Advertising revenue was flat. A 21 percent jump in digital ad sales offset a 6 percent decline in print.
Meanwhile, the Times Co. continues to get more cash directly from readers, reporting a 3.2 percent increase in circulation revenue. It has raised subscription and newsstand prices for both the Times and the Globe.
Operating expenses fell 4.3 percent.
- Associated Press