New York Times beats revenue, earnings estimates

New York Times Co reported on Thursday better-than-expected earnings and said that second-quarter revenue rose about 1 per cent, as more advertisers and readers opened their wallets than they did a year before. The company posted second-quarter net income of $32m, or 21 cents a share, compared with $39m, or 27 cents a share, in the quarter a year ago. The company's adjusted earnings, which excludes a gain on the partial sale of its New England sports assets, was 18 cents a share - surpassing average analysts' estimate of 13 cents a share, according to Thomson Reuters I/B/E/S. The company, which publishes its namesake newspaper and The Boston Globe, said second-quarter advertising revenue was essentially flat at $315m, while circulation revenue increased about 3 per cent to $234.8m.