The good news: the New York Times Co. made nearly $13 million in net income in the first quarter. Quite a turnaround from last year, when the company lost $74 million in the quarter! The bad news: Total revenues were down more than 3%. And while digital ad revenues were up 18% (the About.com group was up 30%, so don't get too excited, newspaper people!), that, of course, paled in comparison to the money lost in print advertising, which was down 12%.
In other words, the NYT Co., like the rest of the newspaper industry, still faces a yawning gap between the amount it's losing in print revenue and the amount it's gaining in online revenue, with no clear solution for how to fill that gap, other than continued cost-cutting or diversification. Good luck.
[Full Q1 results]