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Cultura

Cost cuts push up New York Times profit


    (Reuters) - New York Times Co reported a 4.6 percent rise in quarterly adjusted operating profit despite dwindling print ad sales as cost-cutting initiatives paid off.

    The company said in October it would cut about 7.5 percent of its newsroom positions and shut its mobile app, NYT Opinion, to compensate for a fall in advertising revenue and as new digital products failed to live up to expectations.

    Adjusted operating profit rose to $59.2 million in the first quarter from $56.6 million a year earlier.

    Excluding items, earnings from continuing operations rose to 11 cents per share from 7 cents.

    Revenue fell to $384.2 million from $390.4 million.

    (Reporting By Arathy S Nair and Abhirup Roy in Bengaluru; Editing by Joyjeet Das)