New York Times, Advertising | featured news

New York Times profit tripled in the fourth quarter thanks to one-time items, including the sale of its share in Indeed.com, but the underlying business continued to erode on sharp advertising declines.

A host of challenges confront Mark Thompson as he officially takes over as chief executive of New York Times Co, from making the company less dependent on advertising to trimming costs to figuring out what to do with its pile of cash.

(Reuters) - The New York Times Co reported worse-than-expected results on Thursday as advertisers cut spending on both print and digital outlets, sending shares down 12 percent.

The New York Times Company reported that first-quarter net income dropped 57.6 percent, to $5.4 million, as print advertising remained depressed and About.com revenue fell.

The New York Times Co. said Wednesday that its fourth-quarter earnings more than tripled, helped by cost cutting, an improving ad market and lower pension costs.

The publisher of The New York Times, The Boston Globe, the International Herald Tribune and 15 other daily newspapers had its smallest ad revenue decline in a year. Ad revenue dropped 14.7 percent in the fourth quarter from the same period of 2008, compared with a 26.9 percent year-over-year decline during the third quarter.

The New York Times Company reported a $35.6 million loss for the third quarter on falling advertising revenue, but deep cost-cutting and newspaper price increases helped beat projections.

The New York Times said on Monday it would cut 100 newsroom jobs through buyouts or layoffs as it tries to counter lost advertising revenue.

New York Times reported a lower fourth-quarter profit as an advertising slump continues to erode its capital base. The publisher's revenue fell 11%.