Cost cuts yield 2Q profit for New York Times Co

The New York Times Co. produced an unexpected second-quarter profit from dogged cost cutting, becoming the latest publisher to show that newspapers can still make money even when their main source of revenue is sinking.

Despite the profit, the results released Thursday by the publisher of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers weren't rosy.

The advertising revenue that pays most of the Times Co.'s bills plummeted by 30 percent, or $137 million. That was even worse than in the first quarter, when ad sales fell 27 per cent.