AMY CHOZICK in the New York Times:
The New York Times Company reported on Thursday that its fourth-quarter profit declined 12.2 percent as rising subscription and digital advertising revenue at its largest newspapers could not offset the continued drop-off in print advertising.
Net income was $58.9 million, or 39 cents a share, compared with $67.1 million, or 44 cents a share, in the period a year earlier. The results in the latest period missed analysts’ expectations for 42 cents a share.
For the full year, the company reported a net loss of $39.7 million, or 27 cents a share, compared with a profit of $107.7 million, or 74 cents a share, in 2010.
Revenue for the fourth quarter declined 2.8 percent, to $643 million. For the year, revenue at the Times Company was $2.32 billion, down 2.9 percent. Operating profit fell 4.5 percent, to $106.7 million, for the quarter and dropped 75.8 percent, to $56.7 million, for the year.
The results reflected the continuing struggles of print advertising throughout the industry, as marketers and readers continue to migrate online. Across the company, advertising revenue declined 7.1 percent in the fourth quarter. Print advertising was down 7.8 percent and digital advertising declined 4.9 percent, dragged down by a 25.9 percent revenue drop-off at the company’s About.com property.
Full story here.