The New York Times Company released its quarterly earnings report on Thursday, and for the first time, the publisher’s circulation revenue eclipsed revenue from advertising.
The Times Co. said its circulation revenue grew 6.7 percent during the third quarter, to $175.2 million. Advertising revenue fell 29.6 percent to $164.5 million — as the Times’ own Richard Perez-Pena called it, a "watershed moment" in an industry that has been traditionally ad-driven.
Meanwhile, the company reported a $35.6 million loss for the quarter.
But executives said they were pleased that the results beat expectations, and that some of the cost-cutting measures the company has undertaken – such as the elimination of 100 newsroom jobs by the end of the year – are putting the Times in a good position for future growth.