New York Times reports Q1 profit after cutting costs

New York Times Co, publisher of the namesake newspaper, reported a profit in the first quarter after cutting operating costs and increasing digital advertising sales. Net income was $12.8m, or 8 cents a share, compared with a loss of $74.5m, or 52 cents, a year earlier, the New York-based company said today in a statement. The publishers has pared staff and news sections and is seeking to sell off its stake in the Boston Red Sox baseball team after industrywide advertising sales fell to their lowest levels since 1984 last year, according to Newspaper Association of America data. Revenue fell 3.2 per cent to $587.9m, compared with the $581.7m average estimate of three analysts’ predictions compiled by Bloomberg. Times Co slid 6 cents to $12.74 yesterday in New York Stock Exchange composite trading.