New figures from the New York Times Company reveal a surge in advertising – including a recovery in classifieds – which helped bolster earnings in the fourth quarter of last year.
The newspaper publisher reported 45.1% year-on-year growth in Q4 net income to $107.5 million on a 7.6% revenue rise to $840.2m. Fuelling the uplift was a 10.1% jump in ad bookings to $578.2m, with December witnessing the first rise in help-wanted revenues at the New York Times since September 2000.
For the full year, ad revenues were flat at $2.05 billion, while net income slipped 32.6% to $299.7m (though this becomes a rise of 48.2% if 2001 gains from the sale of NYTC’s magazine group are factored out).
“While 2002 came in with a whimper, it went out with a bang,” rejoiced president/ceo Russell Lewis. As for 2003, Lewis warned that the outlook for Q1 remains uncertain due to what he insightfully termed “geopolitical stuff”.
Data sourced from: AdAge.com; additional content by WARC staff