Is the New York Times Company on the brink of reversing its fortunes? The latest set of figures, for the second quarter, give its executives and editors reasons to be optimistic.
It reported a 1.2% year-on-year increase in revenue, to $589m (£388m), operating costs were down by 4.3% and operating profit was up by 39.4% to $92.6m (£61m). There was a 21% year-on-year rise in digital advertising revenue, though print ads fell by 6%.
It is surely significant that digital ad revenues now account for 26% of the total ad revenues, and there is an expectation in the next quarter of further growth "in the mid to high teens".
Now wonder Janet Robinson, the company's chief executive, referred to "positive results" and forecast that the NY Times company "is well positioned to thrive in the evolving media marketplace."
However, there was a measure of caution too because costs are expected to increase. In the pipeline are higher newsprint prices, the reinstatement of salary cuts taken by staff last year and the investment involved it setting up the Times's paywall system.
And there is still the debt of $670m (£440m) hanging over the company. The Gray Lady hasn't yet returned to rude health.
Sources: NY Times/WSJ/Media Guardian
