Axel Springer Raises Outlook, Citing Strength of Ad Sales

Axel Springer, the German publishing and digital media group, on Wednesday raised its forecast for 2015 revenues as increasing sales of digital classified advertising offset continued declines in print circulation and other revenues.

The improved outlook came as the group, which in September acquired a controlling stake in the American online news website Business Insider, reported a 32 percent jump in operating profit for the third quarter to 129 million euros, or $141 million. Revenues for the three months to Sept. 30 rose by 7.3 percent to €795.4 million, bolstered by the group’s rapidly expanding portfolio of digital businesses, which it said represented nearly 70 percent of profit.