This 2011 file photo shows people as they walk by the entrance of The New York Times.Emmanuel Dunand/AFP / Getty Images
New York Times Co. beat fourth-quarter profit estimates as advertising sales fell less than the company forecast.
Earnings excluding some items of 26 cents (U.S.) a share exceeded the 24-cent average of analysts' estimates compiled by Bloomberg. Ad revenue fell 2.1 per cent to $207.6-million, the New York-based company said in a statement. In October, the publisher had forecast fourth-quarter ad sales to decrease in the "mid-single digits."
The Times is trying to find its footing in digital media as more readers get their news from the Web, and online ad rates command far cheaper rates than print. The newspaper is investing in mobile, trying to maintain growth in digital subscriptions and creating marketing messages that are crafted to resemble news articles.
Last year, the Times cut more than 100 newsroom employees through buyouts and firings to save costs.
The company said first-quarter ad revenue will drop by a "mid-single digits" percentage from a year earlier.