New York Times reports surprise profit

New York Times Co. swung to a third-quarter profit on lower operating costs and what its chief executive touted as its best advertising quarter this year.
New York Times, like other newspaper publishers, has come to rely more heavily on circulation and subscription revenue in recent years to offset steady declines in print ad revenue. The Times also has aimed to boost its Web and mobile audience to bolster ad sales without undermining a steadily growing digital-subscription business.
The latest three-month period marked the Times’s “best advertising quarter of the year, year-over-year, despite a decline in digital advertising revenue, with better performance in print,” Chief Executive Mark Thompson said in prepared remarks on Thursday. “We remain bullish about our digital advertising business and expect it to return to growth in the fourth quarter.”
In the latest quarter, advertising revenue fell 2.1% to $135.4 million, including a decline of 5% in digital advertising and a decrease of 0.9% in print advertising.
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