By: E&P Staff
Increased advertising volume and revenue helped New York Times Digital post significantly higher earnings in the fourth quarter of last year compared to the comparable period in 2002.
Revenue for The New York Times Co.’s online unit was up 27.2% in the fourth quarter of 2003, to $25 million from $19.7 million. Operating profits more than doubled, to $7.2 million from $3.3 million, the company said in a statement Tuesday.
Year-over-year, New York Times Digital’s operating profit spiked 147%, to $20.4 million, and total revenue for the year grew 23%, to $88 million.
Revenue from pay products and services at New York Times Digital were also higher. Offerings such as the Times News Tracker, crossword puzzles and archives accounted for $3 million last year compared to $1.6 million in 2002.
The company overall turned in a strong performance in the quarter with a 3% increase in earnings, to $110.9 million.