N.Y. Times posts higher revenue on digital growth

(Reuters) - The New York Times Co on Thursday reported higher quarterly revenue as more people paid for its digital newspapers.

Fourth-quarter revenue totaled $575.8 million, a 5.2 percent rise from the same quarter a year ago. Analysts were expecting $570.42 million, according to Thomson Reuters I/B/E/S.

The revenue increase was due in part to an additional week in the quarter.

Even with the extra week, advertising revenue fell 3.1 percent at its newspapers, including its flagship paper and The Boston Globe.

Circulation revenue jumped 16.1 percent, mainly because of growth in digital subscriptions.

Paid digital subscribers to the Times and The International Herald Tribune totaled 640,000 at the end of the fourth quarter, an increase of 13 percent from the third period.

The company reported earnings per share of 76 cents compared with 34 cents in the same period a year ago.

Adjusted for special items including severance costs, the company reported earnings of 32 cents a share, ahead of analysts' expectations of 31 cents.

(Reporting by Jennifer Saba in New York; Editing by Jeffrey Benkoe)

Source: http://news.yahoo.com/york-times-says-revenues-rise-subscription-growth-134943808--finance.html

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