Good news for The New York Times! The company announced it posted its first gains in 3 years, with its second quarter earnings more than doubling. Operating profit rose to $60.8 million, from $23.5 mil, with a reported overall revenue of $589.6 million – a slight gain of 1.2% compared to the same period last year.
Circulation revenue grew and a 21% increase in digital advertising helped offset a drop in print advertising. While the company has continued reducing its operating costs, it’s anticipated they could escalate, particularly for newsprint, in the second half of the year.
The quarterly results yesterday prompted S&P to raise its credit rating of the NYT from a B to a B+.