New York Times beats earnings estimates

By IBTimes Staff Reporter | July 22 2010 12:24 PM

The New York Times Co reported on Thursday better-than-expected earnings and said that second-quarter revenue rose about 1 percent as more advertisers and readers opened their wallets than they did a year ago.

Sponsorship Link

The company posted second-quarter net income of $32 million, or 21 cents a share, compared with $39 million, or 27 cents a share, in the quarter a year ago.

The company's adjusted earnings, which excludes the gain on the partial sale of its New England sports assets, was 18 cents a share -- surpassing average analysts estimates 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 $315 million, while circulation revenue increased about 3 percent to $234.8 million.

(Reporting by Jennifer Saba)

More in Tech / Sci