The New York Times Company relied on digital growth and some price increases to offset print business declines — and it worked, at least, this quarter.
The newspaper of record reported earnings per share (EPS) of $0.31 on a diluted basis, or $0.37 on an adjusted basis. Sales were $444.7 million, which was perfectly flat with the prior year’s fourth quarter.
At the top line, overall Circulation and Advertising perfectly offset each other for Q4. Drilling down a bit further, fourth-quarter print advertising revenue decreased 6.6 percent, but digital advertising revenue increased 10.6 percent.
Wall Street expected EPS of $0.30