New York Times' Q4 earnings fall as ad sales decline

The New York Times Co. said Tuesday its fourth-quarter income from continuing operations fell 12.4% to $33.9 million as advertising sales remained sluggish.

Adjusted earnings per share totaled 26 cents vs. 24 cents estimated by analysts.

The company's net income, including the results of some businesses that were sold, totaled $34.9 million vs. $65.6 million a year earlier.

Shares of the company rose 8.2% to $13.81 in morning trading.

Total revenues remained relatively flat — up 0.2% — at $444.7 million.

But the company, whose primary business is publishing The New York Times and running the newspaper's website and affiliated apps, said its circulation revenue climbed 1.4% to $210.5 million.

The number of print copies sold declined but it was partially offset by an increase in digital subscribers. Circulation revenue from the digital-only subscription products rose 13.6% to $44.5 million. Paid subscribers of its digital-only products totaled about 910,000 as of the end of the fourth quarter, an increase of 35,000 from the previous quarter.

Advertising revenue fell 2.1% to $207.6 million. Print advertising sales were down 9.2%. Digital advertising sales jumped 19.3%.