NEW YORK -- The New York Times (IW 500/374) said Thursday that advertising income in both its print and digital editions increased for the first time in three years during the first quarter.
Despite lower profits in the January-March period -- blamed in part on the cost of recent strategic investments -- the newspaper group said there was a firm upturn in both advertising and circulation revenues.
Circulation brought in $209.7 million, a 2.1% gain from a year ago, and advertising earned $158.7 million, up 3.4%.
But costs rose at a faster pace, leaving operating profits at $22.1 million, down from $28.1 million in the first quarter of 2013.
The Times has launched two new products in recent weeks, the NYT Now app for mobile device users, and Times Premier, a premium news and information service that costs on top of a regular subscription.
NYT Now "in particular is being embraced by the market," Thompson said.
The company's shares were up 0.8% at $16.74 in midday trade.
Copyright Agence France-Presse, 2014
